Magna adjusts 2026 financial outlook, plans to cut engineering and capital spending

Magna adjusted its financial outlook while announcing its second-quarter financial report. Magna now expects sales of $44 billion to $46.5 billion in 2026, about 10% lower than the $48.8 billion to $51.2 billion expected in February this year. At the same time, Magna said it would cut engineering spending by up to $200 million and reduce capital expenditures by about the same amount to cope with lower-than-expected sales.