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The France headquartered automotive parts and seating manufacturer has reported strong sales growth of +9.3% at constant currencies, “significantly outperforming automotive production in all regions.”
Faurecia’s worldwide sales totalled €4,315 million in the first quarter of 2018, up +9.3% at constant currencies and significantly outperforming worldwide automotive production, which dropped -0.3% in the quarter, according to figures from automotive market research and analysis IHS. All three Business Groups (seating, interior and clean mobility) are reported to have posted solid growth.
In the Seating business division, which represents 42% of Group sales, sales were up +7.5% at constant currencies in the quarter (up +1.7% on a reported basis), amounting to €1,817 million. According to Faurecia, currencies had a significant negative impact of €103 million or -5.8% of last-year’s sales. Growth included a contribution of €23 million from the new joint venture signed in 2017. Europe, Asia and South America all reported double-digits growth; +10.8%, +25.5% and +19.2%, respectively. However, the North American region posted a -9% drop in the quarter, “reflecting adverse market conditions combined with the ramp-down in production of two models”.
First quarter sales for the Interiors division (32% of Group sales) were up +14% at constant currencies, to €1,392 million (+7.2% on a reported basis). Overall, Faurecia’s growth in Europe was mainly driven by the Seating division, “which generated almost half of the sales growth at constant currencies in the quarter, supported by strong sales to carmaker PSA for the successful 3008 and 5008 SUVs”.
The Group says it expects worldwide automotive production to grow by at least +2% in 2018, year-on-year.