The company was formed after automotive tier-1 Faurecia acquired Hella in January, becoming the seventh largest automotive supplier in the world.

In the first half, Forvia achieved worldwide automotive production of 37.25 billion units, a drop of 0.6% year-on-year. Meanwhile, sales were €11.62 billion, an increase of 49.3%. The company achieved operating income of €426 million.

Looking forward to the full 2022 results, the company reports that it expects to achieve sales of between €23-24 billion, with an operating margin between 4 and 5% of sales.

Faurecia CEO Patrick Koller said: “We are confident that the second half will allow us to improve our first half performance and fully confirm our objectives for the year. We also remain fundamentally committed to our values and convictions, particularly with regards to sustainable development.

“As such, we are very proud to be the first global automotive company to have recently received validation of our Net Zero roadmap by SBTi (Science Based Target initiative), which recognises our efficiency and foremost position to lead the urgent transformation of our industry.”