PARIS (Reuters) – Valeo reported stable revenue in the third quarter on Thursday, reflecting in particular negative exchange rate effects linked to the rise in the euro, and confirmed its 2025 objectives.
The automotive equipment manufacturer, specialist in driving aids and hybridization systems, achieved a turnover of 4.997 billion euros over the last three months, an increase of 0.6%. At constant scope and exchange rates, it shows growth of 3.5%.
The group reported outperformance in Europe, a reduction in its underperformance in China thanks to market share gains with Chinese manufacturers, and underperformance in North America attributable to production delays.
Valeo also indicated that it was still supplied with electronic components by Nexperia, the semiconductor manufacturer at the heart of a dispute between the Netherlands and China.
“We are in permanent contact with the Nexperia teams and we are being delivered today to different parts of the world,” said Valeo financial director Edouard de Pirey during a press conference, in response to a question about this new supply risk for the automotive sector.
“With all of these deliveries, we are secure for the coming weeks. And today, we have already internally approved alternatives for more than 95% of Nexperia volumes,” he added.
(Reporting by Gilles Guillaume and Mathias de Rozario, edited by Kate Entringer)
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