Valeo announced first quarter of 2017 sales up 22% year on year to EUR4.8bn (US$5.2bn).
The supplier said like for like growth was 13% (11% in full year 2016) and that changes in exchange rates had a positive 2% impact during the period, primarily the appreciation of the US dollar, South Korean won and Brazilian real against the euro.
Changes in group structure had a positive 7% impact in the first quarter following the acquisitions of Peiker, Spheros and the takeover of Ichikoh.
Q1 original equipment sales rose 13% like for like to EUR4,174m, or 88% of total sales, outpacing global automotive production by 8 percentage points (pp). Aftermarket sales (10% of total sales) rose 8%.
Valeo said the market-beating growth was driven by an improved product mix resulting from technological innovations for CO2 emissions reduction and intuitive driving and "balanced customer and geographic positioning".
In Europe (including Africa), like for like original equipment sales rose 12%, in China, by 25%, outpacing automotive production by 18pp, in North America, by 11%, outpacing automotive production by 9pp and, in South America, by 16%, outpacing automotive production by 5pp.
"Valeo is benefiting from the geographical alignment of its businesses," the supplier said.