Faurecia posts 13.5 percent fall in Q1 sales
French car parts company Faurecia reported a 13.5 percent drop in first-quarter sales citing the impact of the coronavirus crisis. Faurecia, which is 46 percent owned by car company PSA, said sales had fallen to 4.33 billion Euro.
“Our sales in the first quarter were strongly impacted by the global COVID-19 pandemic. This crisis impacted China throughout the quarter, with a peak in February, and then the rest of the world from March,” CEO Patrick Koller said in a statement, Reuters reads.
“While China has effectively and safely restarted, we expect the second quarter to be tougher in Europe and North America. The second half of the year should show sequential improvement,” Koller added.