Valeo has forecast worldwide car production down 17% this year instead of the 20% it had earlier predicted.
The revised outlook came as it reported a second quarter net loss of EUR54m (US$76.39m). First half sales fell 28.4% to EUR3.74bn.
Valeo predicted a rebound in vehicle production in the third quarter “through the combined impact of incentive programmes for new vehicles in Europe and the return to growth in emerging markets.”
The company added it had shed 4,500 of the 5,000 workers it announced would go at the end of 2008.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData