Long-Term Weakening of Loonie Would Boost Autos: Magna
This article is for subscribers only.
A weakening of the Canadian dollar that’s perceived to be long term would bolster the country’s auto industry, the head of Magna International Inc. said.
“The real issue for the auto industry is where do the car companies think it’s going to be long term,” Don Walker, 57, chief executive officer of Magna, North America’s largest auto parts maker by sales, said at the Bloomberg Canada Economic Summit in Toronto today. “At 85 cents, we’re already winning business in the Canadian plants. At this level we can be competitive.”