Auto suppliers aim to offset European woes
Mar 18, 2013 | 03:33 PM
| Corinna Petry
CHICAGO Although a recessionary climate in Europe will offset expected overall gains in the automotive sector this year, Tier I suppliers to the industry are relocating some capacity to meet growth opportunities in other regions, with North America continuing to be a bright spot for automotive demand.
Magna International Inc. recently projected 2013 North American light vehicle production at 15.8 million units, up from its January estimate of 15.3 million vehicles.
"The vast majority of the increased volume comes from Asian-based (original equipment manufacturers)," Magna investor relations vice president Louis Tonelli said during an earnings conference call.
Aurora, Ontario-based Magna, which revised its projection for western European light vehicle production downward by 100,000 vehicles to 11.9 million, is restructuring its European operations over the next two years.....
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