Streetbeat News

FAURY

Faurecia SE

http://www.faurecia.com/

CEO

Patrick Koller

Industry

Motor Vehicle Gasoline Engine and Engine Parts Manufacturing

Open

5.00

Mkt cap

1.8B

Volume

383

High

5.00

P/E Ratio

-8.06

52-wk high

5.00

Low

5.00

Div yield

0.03

52-wk low

5.00

Auto parts giant Forvia SE is restructuring its workforce, planning to cut up to 10,000 jobs to save around €500 million annually by 2028. This move is in response to the shift towards electric vehicles (EVs), influenced by EU policies, declining European car sales, and competition from Chinese EV manufacturers. Forvia reported a 10.9% year-over-year increase in 2023 sales, reaching €27.25 billion. The company aims to improve profitability in Europe and reduce reliance on the Chinese market, amidst the automotive industry's challenges in transitioning to EVs. Notably, BYD Co Ltd has overtaken Tesla Inc as the leading global EV seller.

Portfolio Pulse from Vandana Singh

February 20, 2024 | 5:00 pm

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