Auto supplier Forvia posts organic sales growth for Q1 on strong N.America [Reuters]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Reuters
, opens new tab reported higher organic sales for the first-quarter on Thursday driven by strong North America, and said new awards from Chinese carmakers had boosted quarterly orders. Forvia, which supplies parts to Stellantis (STLAM.MI) New Tab , opens new tab , Volkswagen (VOWG_p.DE) New Tab , opens new tab and Ford (F.N) New Tab , opens new tab , and is also active in China, is affected by falling auto demand and competition from Chinese manufacturers. The group, born from Faurecia's takeover of Hella (HLE.DE) New Tab , opens new tab in 2022, reported sales of 6.53 billion euros ($6.98 billion) for the first three months of 2024. That was down 1.7% on a reported basis but up 3.1% organically. Estimated worldwide automotive production dropped to 21.20 million vehicles in the same period, compared to 21.37 last year, Forvia said in an earnings statement. Results in Asia were mixed, however, with Forvia's organic sales falling 2.5% even as car production grew by 4.3%
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