FRANCE: Sales slump hits Faurecia’s earnings target
Faurecia has cut its medium-term earnings target, warning that the slump in European vehicle sales would erode regional profits over the next five years.
The company said full-year earnings would suffer a EUR100m (US$127m) charge linked to 1,500 job cuts in Western Europe and forecast that European product sales will edge down to EUR7.6bn in 2016 from 7.7bn last year.
Faurecia plans to push forward with expansion plans in North America, Asia and emerging markets such as Russia to compensate for the slump in Europe, pledging a 65% gain in North American sales to EUR4.3bn over the five years and predicted that Chinese sales would almost triple over the same period to EUR2.6bn.
The group also forecast group revenue of EUR22bn in 2016, of which 55% would come from outside Europe.
PSA Peugeot Citroen recently inked a partnership with Agromash Holding, for the assembly and distribution of the French automaker's passenger cars and LCVs in Kazakhstan. Simon Warburton was in contac...
This QUBE report from just-auto provides a comprehensive overview of the global transmissions sector, major suppliers, top markets, technology trends and market size forecasts. Use this report to gain...
This QUBE report from just-auto provides a comprehensive overview of the global automotive turbocharger sector, major suppliers, top markets, technology trends and market size forecasts. Use this repo...
Ongoing sovereign debt crises across Europe are continuing to have a major impact on the Continent's automaking development, with 2007 production levels not expected to return until 2017, says analyst...
The media day for the Barcelona motor show was 9 May. Our preview list is now republished as an historic record of the vehicles which were global debuts....
Volkswagen Group luxury car unit Bentley is expanding in fast growing eastern Europe with its first dealership in Belarus....
- Clio R.S. 220 Trophy & future Renaults
- THE WEEK THAT WAS - Scion and Ford workers' chop
- January 2016, management briefing (Part 2)
- THE WEEK - New car, mergers, results, Iran
- Q&A - Visteon CEO Sachin Lawande
- Ford Europe looks to cut staff
- Spreading virus prompts Tata to re-name new model
- 2016 Delhi Auto Expo - world premieres list
- Geneva premieres list - Bentley Mulsanne facelift
- Toyota to axe Scion youth brand