Auto-parts suppliers Lear Corp. LEA, -4.29% and Magna International Inc. MGA, -3.96% are the companies with the “greatest counterparty exposure” to a possible UAW strike, Garrett Nelson at CFRA said in a note Wednesday. “One of the major risks in the event of a prolonged strike is degradation of the supply chain and the financial health of the parts and equipment suppliers,” the analyst said. In contrast, Aptiv Plc APTV, -1.22% and Autoliv Inc. ALV, -1.
“For the other suppliers, their exposure to the Detroit Three is less clear due to lack of disclosure, and not as substantial as either [Lear or Magna], but it is still significant.” The UAW contract is set to expire at the strike of midnight Thursday and a gulf remains between the autoworkers’ demands and Ford Motor Co. F, +1.93%, General Motors Co. GM, +0.30%, and Stellantis NV STLA, -0.50% offers.
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