The company noted a negative currency effect of 4.2% or €281 million on the sales result. The Seating business group, which made up 30% of group consolidated sales for the quarter, had year-on-year organic growth of 1%. Meanwhile, Interiors (comprising 18% of sales) had growth of 4.8%.

By region, EMEA saw a decline of 3.4% on a reported basis to €3.14 billion while automotive production was down 4.7%. This region made up 48% of consolidated sales. The Americas (27% of sales) had growth of 1.7% to €1.78 million, while Asia was down 2% to €1.62 billion and totalled 25% of sales. Forvia highlighted that sales in China alone were up 3.6% in the local currency.

Looking forward to the full 2024 fiscal year, the company is expected sales between €27.5-28.5 billion, with an operating margin between 5.6-6.4% of sales.

CEO Patrick Koller said: “The first quarter demonstrated our capability to grow organically in a market that dropped by 0.8% during the period and characterised by the temporary slowdown in electrification in Europe. This contributed to a solid outperformance of 530bps, excluding the unfavourable geographical mix.

“During the period, FORVIA recorded an order intake of €6.5 billion, an increase of c. €1 billion versus Q1 2023. It was largely driven by key awards in Asia, where the Group also signed a new major strategic partnership with Chery, a key Chinese technology-driven partner in the field of smart and sustainable cockpits designed for safe, sustainable and customised end-user experiences.”