Faurecia runs into Covid-19. The group specialized in supplying the automotive segment, has published its sales results for the first quarter of 2020. Revenue nearly reached 3.8 billion euro, or -13,5% in comparison to the first quarter of 2019. The Coronavirus pandemic around the world is the main cause behind the contractions.
Faurecia runs into Covid-19
Faurecia’s sales during the first quarter of 2020 were of 3.739 billion euro, against the 4.325 billion of 2019’s first quarter. The largest contraction was on the Asian market, where sales went from 798 million euro (2019) to 635 million euro (-20.4%). South America follows, with -15,2% (from 150 million to 127) and Europe with -12,9% (from 2,217 billion to 1,931). Then North America with -9.2% (from 1.117 billion to 1.014) and the rest of the world with -26.2% (from 43 million euro to 32). As far a products go, sales of the seatings’ department dropped by 23.9% from 1.841 billion euro of the first quarter of 2019 to 1.401 billion.
“Our first quarter’s sales were deeply influenced by the global pandemic – stated CEO Patrick Koller -. This crisis has hit China for the whole quarter, peaking in February, while the rest of the word from March on. While Beijing has begun producing again in a safe way, we forecast that this 2nd quarter will be really tough for Europe and North America. The second half of the year should show improvements”.
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