The company noted that its first quarter results included a very limited negative currency effect of €30 million or -0.6% of last year’s sales.

Looking at the business groups, Seating made up 31% of the period’s consolidated sales and had organic growth of 22.5%. Meanwhile, Interiors represented 18% of sales and were up by 17.3% in the quarter.

Clean Mobility accounted for 18% of the group’s sales and had organic growth of 11.2% while Electronics were up by 13.3%, making up 15% of consolidated sales. Finally, Lighting made up 14% of sales and was up by 22.6% and Lifecycle Solutions was 4% of sales and up by 15.4%.

By region, the group had 49% of its sales in EMEA with organic growth of 22.4% in the quarter against automotive production growth of 8.7% in the region. This reportedly mainly reflected growth of 22.3% in Europe, around two-thirds of which was attributable to Seating and Interiors.

The Americas made up 26% of consolidated sales and was up by 9.7% against automotive production growth of 7.1% in the region. Growth in North America (making 90% of sales in the Americas) was 7%, driven by Interiors, Electronics and Lighting, while South America made up the remaining 10% and was up by 34.6%, driven by Seating, Interiors and Clean Mobility.

In Asia, the company had organic growth of 17.6% against automotive production that fell by 1.3% in the region. Asia as a whole made up 25% of the group’s consolidated sales, while China made up 75% of sales in Asia and was up by 15.2%, driven by Seating and Lighting. Finally, other Asian countries made up the remaining 25% of sales in Asia and were up by 25.9%, driven by Clean Mobility and Faurecia Electronics.

Looking forward to the full 2023 financial year, Forvia is expecting sales between €25.2 billion and €26.2 billion, with an operating margin between 5-6% of sales.

Faurecia CEO Patrick Koller said: “The first quarter of 2023 marked a good start of the year for Forvia, with strong sales growth, despite a persistently uncertain environment. Organic sales significantly outperformed worldwide automotive production growth, boosted by a favourable geographic mix effect and an additional month of consolidation of Hella.

“We remain focused on our three drivers: generate solid sales growth driven by innovation and sustainability; lower the cost base and breakeven point of operations; enhance cash conversion and close the announced divestments to accelerate group deleveraging, our top priority.”