Veoneer’s Q1 sales declines 26.7% y/y to USD362 million
Company withdraws organic sales outlook for FY 2020 but expects to outperform the global light vehicle production, primarily driven by new program launches
Veoneer has reported 26.7% y/y decline in net sales to USD362 million in the first quarter ended 31 March 2020, the company said in a press release on 24 April. The company’s organic sales dropped 15% as compared to a 24% decline in the global light vehicle production. The divesture of VNBS operations in Asia affected sales by 10%, while unfavorable currency translation impacted sales by 2%.
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