Webasto has posted first-quarter sales down 18% to EUR708m (US$775m), while EBIT dropped to EUR-40m compared to EUR24m the previous year.

The supplier says it expects a “distinct slump in business results” and adds no reliable forecast for this year is possible.

 “The weakening economy, the increased pricing pressure in the automobile industry and international trade conflicts have clearly left its marks on our business figures,” said Webasto chairman, Holger Engelmann.

“Despite this situation we have taken a big step forward in Webasto’s further development towards becoming a global innovative systems partner also in the electromobility market.”

In the past year, the Webasto Group recorded sales of EUR3.7bn, up 9% primarily attributable to the takeover of the remaining shares in South Korean joint venture, Webasto Donghee, in the spring of 2019.

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