Faurecia expects a 50% drop in revenue in Q2

Worldwide
Published:  29 June, 2020

The announcement was made during the French seating and car parts manufacturer shareholders’ meeting, held in Paris on June 26.

During the meeting, Patrick Koller, CEO, Faurecia, reviewed the Group’s transformation strategy and the results achieved in 2019. He also presented the Group’s three priorities for weathering the Covid-19 crisis; the safe restart of operations, protecting liquidity and maintaining a healthy financial structure, and increasing the Group's resilience and lowering the break-even point of its operations. Koller said that, after recording a 19.7% fall in the first quarter, Group revenue is expected to decline around 50% with a low point in April, a month severely affected by the lockdowns in Europe and North America, and at a time when China was only just beginning its recovery. Sales for the full six-month period could fall by around 35% (compared with turnover of €8,972 million in the first half of 2019).