Magna international has announced a number of actions in response to the current global covid-19 (covid-19) outbreak.

    Magna has set up an internal task force to assess, monitor and respond to the potential impact of COVID 19 on our business and to share this information within the company.We continue to make operational changes and take action to protect the health of our employees, suppliers and visitors.

    Many of our customers, particularly in North America and Europe, have already stopped production or scaled back production.Whether such shutdowns and output adjustments will continue as the outbreak escalates remains to be seen.While the production plans of magna's operating branches vary by location and customer, many of our plants have been reduced or suspended due to COVID 19, including restrictions imposed by local governments.For branches that continue to operate under the customer program, we have taken steps to protect the health and safety of our employees, such as strengthening administrative controls, staff status checks, stricter disinfection, cleaning and maintaining a safe distance.

    After a partial shutdown in February, the auto industry in China is gradually recovering, and our operations in China are now ramping up production. Our business activities are continuing and current production levels are still lower than predicted earlier this year.

    Given the high degree of uncertainty surrounding the impact of covid-19, we are retracting our previously issued forecasts.We will provide a more comprehensive business update and release new forecasts for the first quarter of 2020.At the same time, we have approximately $4 billion in liquidity, including approximately $1 billion in cash and $3 billion in available credit lines (as of February 29, 2020) that investors can maintain confidence in magna.

    Our global sourcing team has successfully procured large Numbers of masks for hospitals and health care departments everywhere.At present, many branches are working together to purchase and produce urgently needed epidemic prevention and control supplies and equipment for medical and health institutions, and abide by the responsibilities of corporate citizens.