Faurecia has reported consolidated sales for the third quarter of EUR2,862.8m, an increase of 1.7% on last year.

In the first nine months of the year, sales rose by 2.4% on a like-for-like basis.

However, the firm reported large regional variations in its worldwide operations with Europe revenues up just 0.9% (at EUR2,089.7m) in Q3 and North America revenues (EUR422.4m) down by 9.3%. 

In South America revenues were were up 27.7% at EUR103.3m, helped by positive exchange rate effects.

In Asia, sales on a like-for-like basis rose by 7.1% in China and dropped 22.3% in Korea. For the region as a whole, sales were stable at EUR164.9m (up 0.1%).
Sales in the Vehicle Interior Modules sector were up 2.1% in the third quarter of 2008, on a like-for-like basis, totaling EUR1,966.0m.

Faurecia said that at the end of the third quarter, the economic situation deteriorated sharply, leading to a 'sudden reduction of automakers' production programs in Europe'.

The firm warned that this will lead to a decrease of around 11% in its European sales during the fourth quarter.

However, 'due to a favourable product and customer mix, sales in North America should only fall slightly', it said.

Despite the deteriorating market environment, Faurecia said that full-year operating income 'should be at least equivalent to that of 2007'.