Nanterre, France – Automotive interiors company Faurecia's third quarter 2021 sales were down by 10.4% at EUR3.4bn. It described it as a 'stop-and-go' automotive market in the quarter.
Faurecia seating business sales hit by chip shortage
CEO Patrick Koller said that the market was tough in the past quarter. ‘[It was] impacted by supply chain conditions that impacted automotive production and generated high volatility in OEM programmes.'
Sales outperformed production in the automotive industry, Koller said. In the past quarter, automotive production was down 19%, according to LMC Automotive figures cited by the company.
Seating sales were down by 14.3% in the quarter, with the declines most profound in Europe and the US. Sales in the company's Asian business were up by 16.3%, driven by Chinese and international OEMs.
Costs were higher for the business segment because of the start-up of several new seating lines and a new plant in Michigan. Profitability in the second half is likely to be below that of the first half, the company said.