Faurecia reports 4.4% sales growth in Q1 FY16
Automotive parts maker Faurecia has posted strong consolidated sales growth of 4.4 percent in the first quarter of 2016, informed the company in a media release. Its consolidated sales stood at 4,656.7 million.
Faurecia product sales (parts and components delivered to automakers) totaled 3,586.6 million during the first quarter of 2016, thus registering a growth of 4.6 percent.
While development, tooling and prototype sales recorded an increase of 16.2 percent.
In Asia, Faurecia continued to demonstrate solid product sales growth of 5.4 percent to 560.1 million versus 563.9 million while production grew 1 percent. Growth was mainly led by a 43 percent increase in Korea.
In China, product sales contracted by 2 percent whilst production grew 4 percent. Production growth in China was completely captured by Chinese automakers and also some international joint ventures have reduced their stocks in the first quarter of 2016.
The company anticipates growth to resume in Q2 and to accelerate in the second half of the year with the ramp-up of new programs for Chinese OEMs.
Source: ET AUTO.COM