Automotive parts supplier Faurecia  – majority owned by PSA – has posted a massive 38.1% fall in first-quarter revenues.

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The firm said that the first quarter saw a sharp drop in business around the world, including a 34.5% drop on its European sales.


First quarter revenue was put at EUR2007.8m.


In Europe, sales totalled EUR1,527.1m, with like-for-like sales down 34.5%.


In North America, sales totalled EUR247.6m, down 47.3%.

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In South America, sales totalled EUR57.5m,s down 1.2%.


In Asia, sales dipped by 14% in China and 34.6% in Korea. Sales stood at EUR148.2m for the region as a whole.


The company said that business in the first quarter was marked by a severe contraction in January and February, with like-for-like sales down 38.2% and 42.9%.


However, it said that the situation began to stabilise in March particularly in Europe with a drop of 24.1%.


For 2009 the firm is  forecasting a 20% drop in sales in Europe and a 30% drop in North America.


Faurecia CEO Yann Delabriere said earlier this month that carmakers had stopped cutting sales and output forecasts but warned that the industry’s recovery would be long and gradual.