31% of group consolidated sales for the period came from its seating business, which grew by 11.3%, reflecting strong sales in China and Europe. Interiors made up 17% of sales and had growth of 11% with similar regional performance.
EMEA made up 43% of group consolidate sales in Q3 with growth of 10.3% and automotive production up by 6.3%. Growth in this region was primarily in seating and interiors.
The Americas made up 28% of sales with growth of 5.9% in North America and 10% in South America. Finally, Asia totalled 29% of sales, growing by 11.8% in China and 13.7% in the rest of Asia.
In the third quarter, the group completed its €1 billion disposal program, including the sale of its commercial vehicle aftertreatment business in Europe and North America to Cummins.
The company has launched an additional €1 billion disposal program to accelerate deleveraging, in order to reduce debt and expenses in the face of high interest rates.
Looking forward, Forvia Group is expected sales between €26.5-27.5 billion in the full 2023 financial year with an operating margin between 5.2-6.2% of sales.
CEO Patrick Koller said: “The group maintained strong organic growth and outperformed automotive production across all business groups and regions, in an environment that remains volatile and characterised by new risks, such as the evolution of the UAW strike in the U.S. that started in September.”