Magna, one of the largest automotive parts manufacturers and suppliers in the US and Europe has recently begun their selection process of potential partners in Lithuania. There are dozens of companies on their prospective list.
Magna’s customers in the US include manufacturers such as Chrysler, Tesla Motors, and General Motors. The European customer list for Magna includes Ford, BMW, Volkswagen and other major car makers. The annual turnover of the company is roughly $38.9 billion.
“In Europe, sales of passenger vehicles and trucks are growing. In Western Europe, the momentum is dwindling, and thus the attention is shifting in favor of Poland, the Czech Republic, Slovakia, and Hungary. However, even in these markets industry representatives already express concern over the unmet demand for workforce, increasing labor costs and high attrition rates. Orders are being delayed and the manufacturers are worried. This is why the Baltics find themselves in the spotlight of suppliers, which has led to multiple meetings taking place in the last couple of years” says Darius Lasionis, director of the Lithuanian Engineering Industry Association Linpra and head of the Baltic Automotive Components Cluster.
