Aug 2 Reuters Canada39;s Magna International missed analysts39; estimates for secondquarter results, hurt by production being stopped for certain vehicles and lower volumes of automobiles assembled, sending the auto parts supplier39;s shares down about 2.

The company, which counts BMW, Mazda and Ferrari as customers, produces parts and builds vehicles at its complete vehicle manufacturing unit for various automakers.

There were layoffs at Magna39;s complete vehicle operations, the company said on Friday, adding that the job cuts started earlier this year.

Sales were negatively impacted by the end of production of certain programs, lower complete vehicle assembly volumes, including as a result of the end of production of the BMW 5Series, Magna said.

The company expects INEOS Automotive39;s vehicle program cancellation to lead to about 700 million in lost sales. In May, Magna recorded asset impairments and restructuring costs of 316 million related to embattled EV startup Fisker.

Demand for automotive parts and services had risen over the past few years, but that has taken a hit with automakers shifting away from their costly electric vehicle plans to focus on gaspowered models.

Magna39;s complete vehicle unit is a drag on consolidated margins, CFRA analyst Garrett Nelson said, adding that Fisker39;s bankruptcy and challenges of other EV makers have become a significant headwind for the supplier.

Rival Aptiv beat Wall Street expectations for quarterly profit on…