Veoneer has reported second-quarter net sales down 62% to US$184m.

Active Safety net sales of US$79m declined 57% including an Organic Sales decline of 56%

“The second quarter was very unusual,” said Veoneer president and CEO, Jan Carlson. “Light vehicle production declined by around 45%, the worst decline in recorded history. The many complexities in terms of regional differences, global supply chains, short delivery notices and several other factors, made it a very difficult environment for running effective and efficient operations.

“The health of our employees remained a continued focus, not least because of the additional challenges of safely ramping up our operations, as the COVID-19 pandemic is first and foremost a health crisis. Despite the extreme conditions in the quarter, our market adjustment initiatives are having the desired effects and we are currently on track to reach our efficiency targets for 2020.

“In the first and second quarter we have been particularly successful in customer negotiations which were reflected in our results in the second quarter. We are also continuing to deliver on-going improvements in RD&E and other cost efficiencies according to plan.

“During the quarter we continued the introduction of the next generation of our Active Safety portfolio. Our fourth-generation vision system is now launched and the indications are that this system is performing very well, further strengthening our position as a leading challenger in the vision market.

“There have now also been a total of eleven launches of our next generation 77GHz radar product, including two recent launches of forward looking radar, a very important development as we see this generation of our radar product as highly competitive in the market for years to come.

“I am very proud of the way the entire Veoneer team has performed under these circumstances, staying focused on execution, launching new technologies and customer programmes, while continuing to make progress in the Market Adjustment Initiatives (MAI) programme first announced over a year ago.

“This was all done while simultaneously handling the health situation and the changes that come from transitioning our way of working to a mainly virtual and digital environment. I would like to extend my warm thanks to the entire Veoneer team.”