Car parts maker Forvia hikes 2023 targets on stronger auto production (updated)
27/07/2023 06:30
(Adds details, CEO comment in paragraphs 2-4)
July 27 (Reuters) - Forvia FRVIA.PA , the European car
parts maker born from Faurecia's takeover of Hella HLE.DE , on
Thursday raised its annual sales and margin forecasts, saying
global auto production was growing faster than previously
thought.
Worldwide automotive production grew by more than 10% in the
first half of the year, driven by sustained demand and gradual
improvement in semiconductors supply, CEO Patrick Koller said in
a statement.
The automotive industry is recovering from a
pandemic-induced global chip shortage that hit production.
Forvia, the world's seventh-largest automotive supplier,
revised its estimate for global auto production to around 86
million light vehicles versus the initial estimate of 82
million.
It expects 2023 sales of 26.5-27.5 billion euros ($29.4-30.5
billion), up from the previous outlook of 25.2-26.2 billion, and
an operating margin of between 5.2% and 6.2% of sales, versus 5%
to 6% before.
($1 = 0.9007 euros)
(Reporting by Michal Aleksandrowicz in Gdansk; Editing by Milla
Nissi)
((michal.aleksandrowicz@thomsonreuters.com ;
gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))