November 26, 2019 / 6:33 AM / 19 days ago

Car parts maker Faurecia sees record sales and profits in 2022

PARIS, Nov 26 (Reuters) - French car parts maker Faurecia said it was targeting record sales, profits and cash generation in 2022 as a result of its strategy programme and the boost from its acquisition of Japanese company Clarion.

Faurecia, which is 46 percent owned by Peugeot-maker PSA , expected annual average sales growth of above 5 percent between 2019-2022, with sales reaching above 20.5 billion euros ($22.60 billion) in 2022.

It added that its operating margin should rise to 8 percent in 2022 versus its target of a 7 percent margin in 2019.

“Our new Business Group, Faurecia Clarion Electronics, is a strong enabler for the Cockpit of the Future and has a robust roadmap for profitable growth. At the same time, our investment in Fuel Cell Electric Vehicles will accelerate our Zero Emissions strategy and allow us to benefit from rapid powertrain electrification,” said Faurecia chief executive Patrick Koller.

“In 2022, we will see record sales, profitability and cash generation. From a longer term perspective, we are preparing for the next major disruption and target carbon neutrality by 2030,” added Koller.

$1 = 0.9073 euros Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta

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