BERLIN, Nov 6 (Reuters) - German automotive supplier ZF Friedrichshafen expects an accelerating downturn in European truck markets to keep weighing on the company’s business.
“We’re looking at a massive weakening (of truck markets), particularly in the current ...quarter,” Chief Executive Stefan Sommer said on Tuesday at a conference in Berlin. “We believe this will continue in 2013.”
Sales of technology to commercial vehicle manufacturers account for about a fifth of ZF’s revenue, which it expects to increase to over 17 billion euros ($21.7 billion) this year, Sommer said, reaffirming targets.
Sales of heavy-duty trucks weighing 16 tons or more slumped 14.8 percent across the 27-nation European Union in September, for a year-to-date decline of 7.7 percent.
ZF expects “strong demand” for luxury passenger cars in North America and China to persist next year, the CEO said. ($1 = 0.7823 euros) (Reporting By Andreas Cremer; Editing by John Stonestreet)