Sales were up to €25.5 billion for the full 2022 financial year, up 63% year-on-year on a reported basis and up 17% on an organic basis.

Worldwide automotive production for the group in 2022 totalled 82.38 million units, an increase of 6.7% year-on-year and including 11 months of Hella production after the acquisition.

Operating income totalled €1.12 billion in 2022, up by 29.4% over 2021 and amounting to 4.4% of sales. Meanwhile, EBITDA came to €3.01 billion, up by 42.8% and 11.8% of total sales.

Patrick Koller, CEO of Faurecia, said: “2022 has been a historic year for the Group as we closed the acquisition of a majority stake in Hella to create Forvia, the world’s seventh biggest automotive technology player, combining the complementary offers and strengths of the two companies.

“2022, which was initially expected to be a year of recovery from the Covid crisis, turned out to be a year of continued semiconductor shortages and supply chain issues heightened by the outbreak of the war in Ukraine. The year was characterised by additional challenges, with high inflation, a surge in energy prices, rising interest rates and our disengagement from Russia. With our assumption that 2023 volumes will be at a similar level to 2022, we target to improve our financial performance in 2023.”