October 25, 2018 / 10:33 AM / 2 months ago

Sweden's Veoneer sees up to 2 year delay in achieving income target

STOCKHOLM, Oct 25 (Reuters) - Electronic car products maker Veoneer, carved out of Autoliv this year, forecast an up to 2 year delay in reaching its operating income target blaming short-term delays in ramp up and production starts for some car models.

The Swedish company, which is focused on high-tech safety gear to target self-driving cars, said it expected to achieve its operating margin target of 0 to 5 percent 1 to 2 years later than its original expectation of 2020.

“In the short-term, we see some delays in the start of production and slower ramp-ups of certain customer models along with some slight delays in expected business,” Chief Executive Jan Carlson said in a statement.

“These developments result in downside risk to our 2020 total sales target and we are therefore likely to reach $3 billion in total sales slightly later than previously anticipated,” he added. (Reporting by Esha Vaish and Johannes Hellstrom in Stockholm, editing by Helena Soderpalm)

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