9 November 2021

Automotive - Faurecia sees sales drop 10% in Q3

The car parts manufacturer has posted a 10% drop in sales for the third quarter of 2021 as semiconductor shortages continue to cause production delays in the automotive sector, reports ILM

 

 

Faurecia reported sales of €3.43 billion (US$4 billion), down from €3.82 billion (US$4.43 billion) in the same period of 2020. Its shares were down 1.9% at €41.52 by 08:38 GMT.

 

However, Faurecia said it had outperformed the sector as a whole, citing October forecasts from information provider IHS Markit that showed a more than 19% decline in global auto output.

 

Some of the company’s biggest customers – such as Renault, Volkswagen and Stellantis –have cut production targets due to the shortage, slowing demand for parts.

 

In a call with analysts, finance chief Michel Favre reportedly said the company was demanding compensation after customers “brutally” canceled orders with less than a day’s notice. 

About APLF

We bring leather, material and fashion businesses together: an opportunity to meet and greet face to face. We bring them from all parts of the world so that they can find fresh partners, discover new customers or suppliers and keep ahead of industry developments.

 

We organise a number of trade exhibitions which focus on fashion and lifestyle: sectors that are constantly in flux, so visitors and exhibitors alike need to be constantly aware both of the changes around them and those forecast for coming seasons.

Connect:

Contact Us: