Latest news for Forvia (OTC:FURCF) Stock

Forvia SE operates in automotive seating, interior systems, emission control technologies, electronics, lighting, and a segment called lifecycle solutions that does automotive-related recycling. The company has a world-wide presence, with over 300 industrial facilities and 63 R&D centers in more than 40 countries, but much of its workforce is located in high-cost countries. Forvia's customers by percentage of 2022 revenue are Volkswagen at 15.4%, Stellantis at 11.7%, Ford at 7.7%, the Renault-Nissan-Mitsubishi Alliance at 6.2%, and Mercedes-Benz at 6.1%. Geographically, Europe accounted for 44% of 2022 revenue, followed by North America at 25%, China at 21%, and all other regions at 10%.

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Forvia&#39;s strategic response to the electric vehicle revolution. Learn about their €500 million savings plan, job cuts, and 2023 sales

Autoparts Giant Forvia Restructures Workforce To Stay Competitive

Opinion

VWAGY

Carmakers Are Showing The World How To Work Together

Faurecia Reports 16% Surge In Q3 Revenue

Forvia SE

Auto parts giant&nbsp;Forvia&nbsp;SE&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/FAURY#OTC">FAURY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FURCF#OTC">FURCF</a>) is set to cut up to 10,000 jobs, aiming to&nbsp;<a target="_blank" href="https://www.forvia.com/newsroom/2023-full-year-results" rel="noreferrer noopener">achieve</a>&nbsp;an annual savings of approximately €500 million in 2028.&nbsp;
Monday, the company reported fiscal year 2023 sales of €27.25 billion, up 10.9% Y/Y (+14% on an organic basis). Worldwide automotive production increased 9.7% to 90,321.
The move comes as the company&nbsp;<a target="_blank" href="https://www.wsj.com/business/retail/forvia-shares-jump-on-restructuring-plan-that-would-trim-workforce-44b330f1?mod=business_lead_pos4" rel="noreferrer noopener">grapples</a>&nbsp;with the global transition towards electric vehicles (EVs), driven by European Union policies, declining car sales in Europe, and the growing presence of Chinese EV manufacturers in the European market, the Wall Street Journal noted.
In response to the evolving EU climate policies phasing out gas-burning vehicles, Forvia emphasizes the necessity to stay competitive in a market where car sales volumes still lag behind pre-pandemic levels.&nbsp;
The company also highlights the changing customer landscape, with the expansion of Asian electric-car makers in Europe contributing to the need for adaptation.&nbsp;
The restructuring aims to improve profitability in Europe and reduce dependence on the Chinese market.&nbsp;
Despite Forvia&#8217;s strategic adjustments, the automotive industry&#8217;s electric vehicle pivot faces challenges, exemplified by setbacks in the home market, where French automaker&nbsp;Renault&nbsp;recently canceled the IPO of its electric-car unit Ampere.
Meanwhile, Chinese automaker&nbsp;BYD Co Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), surpassing&nbsp;Tesla&nbsp;Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) as the top global EV seller, remains ambitious in its plans to boost overseas sales, including investments in transportation infrastructure and a new factory in Hungary.&nbsp;
Forvia forecasts 2024 sales guidance of €27.5 billion to €28.5 billion and approximately €30 billion for 2025.
Photo via Company

As COVID-19 is only gaining momentum, more and more hospitals are warning they&#39;re experiencing shortages in medical face masks, ventilators, gloves, and other medical equipment. Pictures of nurses at one New York&nbsp;hospital that have been wearing trash bags instead of protective gear have told the whole story of what is going on in the medical supplies market. All of this is happening due to a lack of supplies and a limited number of companies that can produce face masks and protective wear.
Consequently, there is chaos in the market. Many deliveries are being diverted from one buyer to another, without any understanding, agreement or mutual consent. The only solution to this problem is to increase the production of face masks and other medical equipment. Carmakers are part of this solution and are showing the way for the world to follow.
Chaos On The Medical Supplies Market 
Last week, German officials accused the U.S. of &quot;modern piracy&quot; as face masks that were purchased from the U.S. producer 3M Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmm#NYSE">MMM</a>) didn&#39;t reach Germany after the package was intercepted in Bangkok and returned to the U.S. The Germans interpreted these actions as &quot;wild west&quot; methods.
Those masks were not delivered due to the invoked Defense Production Act. The Act allows the Federal Emergency Management Agency to buy medical equipment it needs by using its authority. It also helps the agency to keep all the necessary medical equipment in the country by limiting or even preventing export. It is quite logical to prevent mask exports, especially when COVID-19 is gaining momentum in the U.S. while at the same time&nbsp;losing its strength in Germany. After all, Germany also imposed similar export restrictions in early March 2020. This is an excellent example of the mess that is unfolding on the medical supplies market. Germans are accusing the U.S. because they did not get the masks they ordered, but anyone can also accuse them of being hypocrites as they have done pretty much the same and only a month ago. But this will not solve the problem. That road leads to nowhere. What we need is cooperation and joint effort so we can produce more protective equipment.
Carmakers Showed How The Joint Battle For Lives And Healthcare Should Be Fought
Medical face masks, ventilators, gloves, and other personal protective gear are our biggest&nbsp;weapons against the virus. We need them now more than ever. And we don&#39;t have enough of them. It is the root of the problem. But it takes time to gain the necessary know-how and organize an efficient production in order to increase production.&nbsp;
The U.S. carmaker General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) realized this and provided manufacturing blueprints for face mask production. All those blueprints, with detailed specifications materials, equipment, and processes will be available to all companies that want to join the fight against COVID-19. So far, GM has sent production instructions to 600 suppliers willing to join the war. Additionally, last week GM began face mask test production in Detroit. It is expected that up to 50,000 masks will be produced per day, once the production line is running at full capacity utilization.
Tesla Is Also Making Progress
Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) engineers showed their medical ventilator prototype. Its design relies heavily on car parts, but that&#39;s not the point. What&#39;s important is that Tesla showed to the world that it can count on its contribution. Timeline for production was not specified but nevertheless, these are encouraging news.
Volkswagen- A Synonym For Solidarity
Finally, German carmaker Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) showed what the word &quot;solidarity&quot; means. Recently, it agreed with its interior supplier Faurecia S.E. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/furcf#OTC">FURCF</a>) to produce face masks and gowns. The supplier&#39;s production lines in Mexico were modified and now they are producing masks and gowns. It was announced that its factory is ready to produce approximately 250,000 masks and 50,000 gowns per week. Volkswagen decided to donate its first batch of 75,000 units to New York State hospitals - the epicenter of the crisis. The arrival of this personal protective equipment is expected this week.&nbsp;
Cooperation Is The Only Way Forward
This is how we should all fight this unprecedented health crisis that has put the whole world on hold. We don&#39;t need mutual accusations, but cooperation and mutual understanding. Carmakers that are now facing existential problems have shown us the way we all should behave&mdash;not to be selfish but human. Well done, carmakers.
This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full <a href="https://iamnewswire.com/disclaimer-disclosure/">disclosure</a> . Ivana Popovic does not hold any position in the mentioned companies. Press Releases &ndash; If you are looking for full Press release distribution contact: <a href="mailto:press@iamnewswire.com">press@iamnewswire.com</a> Contributors &ndash; IAM Newswire accepts pitches. If you&#39;re interested in becoming an IAM journalist contact: <a href="mailto:contributors@iamnewswire.com">contributors@iamnewswire.com</a> Questions about this release can be send to <a href="mailto:ivana@iamnewswire.com">ivana@iamnewswire.com</a>
The post <a href="https://iamnewswire.com/2020/04/07/carmakers-the-knights-the-world-deserves-and-needs-right-now/" rel="nofollow">Carmakers- the knights the world deserves and needs right now!</a> appeared first on <a href="https://iamnewswire.com" rel="nofollow">IAM Newswire</a>.
Photo by&nbsp;<a href="https://unsplash.com/@antaresqsq?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Tedward Quinn</a>&nbsp;on&nbsp;<a href="https://unsplash.com/s/photos/hospital-mask?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

Faurecia SA (OTC: FURCF) reported a 16% surge in its Q3 revenue. 

Its quarterly revenue climbed to EUR3.79 billion, versus analysts'estimates of EUR3.75 billion. Over the first nine months of this year, Faurecia's overall revenue jumped 18% to EUR11.94 billion. 

Faurecia now projects full-year sales of EUR15.7 billion to EUR15.9 billion, and an operating profit of between EUR620 million and EUR650 million.

Auto parts giant&nbsp;Forvia&nbsp;SE&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/FAURY#OTC">FAURY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FURCF#OTC">FURCF</a>) is set to cut up to 10,000 jobs, aiming to&nbsp;<a target="_blank" href="https://www.forvia.com/newsroom/2023-full-year-results" rel="noreferrer noopener">achieve</a>&nbsp;an annual savings of approximately €500 million in 2028.&nbsp;



Monday, the company reported fiscal year 2023 sales of €27.25 billion, up 10.9% Y/Y (+14% on an organic basis). Worldwide automotive production increased 9.7% to 90,321.



The move comes as the company&nbsp;<a target="_blank" href="https://www.wsj.com/business/retail/forvia-shares-jump-on-restructuring-plan-that-would-trim-workforce-44b330f1?mod=business_lead_pos4" rel="noreferrer noopener">grapples</a>&nbsp;with the global transition towards electric vehicles (EVs), driven by European Union policies, declining car sales in Europe, and the growing presence of Chinese EV manufacturers in the European market, the Wall Street Journal noted.



In response to the evolving EU climate policies phasing out gas-burning vehicles, Forvia emphasizes the necessity to stay competitive in a market where car sales volumes still lag behind pre-pandemic levels.&nbsp;



The company also highlights the changing customer landscape, with the expansion of Asian electric-car makers in Europe contributing to the need for adaptation.&nbsp;



The restructuring aims to improve profitability in Europe and reduce dependence on the Chinese market.&nbsp;



Despite Forvia&#8217;s strategic adjustments, the automotive industry&#8217;s electric vehicle pivot faces challenges, exemplified by setbacks in the home market, where French automaker&nbsp;Renault&nbsp;recently canceled the IPO of its electric-car unit Ampere.



Meanwhile, Chinese automaker&nbsp;BYD Co Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), surpassing&nbsp;Tesla&nbsp;Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) as the top global EV seller, remains ambitious in its plans to boost overseas sales, including investments in transportation infrastructure and a new factory in Hungary.&nbsp;



Forvia forecasts 2024 sales guidance of €27.5 billion to €28.5 billion and approximately €30 billion for 2025.



Photo via Company

As COVID-19 is only gaining momentum, more and more hospitals are warning they&#39;re experiencing shortages in medical face masks, ventilators, gloves, and other medical equipment. Pictures of nurses at one New York&nbsp;hospital that have been wearing trash bags instead of protective gear have told the whole story of what is going on in the medical supplies market. All of this is happening due to a lack of supplies and a limited number of companies that can produce face masks and protective wear.

Consequently, there is chaos in the market. Many deliveries are being diverted from one buyer to another, without any understanding, agreement or mutual consent. The only solution to this problem is to increase the production of face masks and other medical equipment. Carmakers are part of this solution and are showing the way for the world to follow.

Chaos On The Medical Supplies Market 

Last week, German officials accused the U.S. of &quot;modern piracy&quot; as face masks that were purchased from the U.S. producer 3M Company (NYSE:<a class="ticker" href="/stock/MMM#NYSE">MMM</a>) didn&#39;t reach Germany after the package was intercepted in Bangkok and returned to the U.S. The Germans interpreted these actions as &quot;wild west&quot; methods.

Those masks were not delivered due to the invoked Defense Production Act. The Act allows the Federal Emergency Management Agency to buy medical equipment it needs by using its authority. It also helps the agency to keep all the necessary medical equipment in the country by limiting or even preventing export. It is quite logical to prevent mask exports, especially when COVID-19 is gaining momentum in the U.S. while at the same time&nbsp;losing its strength in Germany. After all, Germany also imposed similar export restrictions in early March 2020. This is an excellent example of the mess that is unfolding on the medical supplies market. Germans are accusing the U.S. because they did not get the masks they ordered, but anyone can also accuse them of being hypocrites as they have done pretty much the same and only a month ago. But this will not solve the problem. That road leads to nowhere. What we need is cooperation and joint effort so we can produce more protective equipment.

Carmakers Showed How The Joint Battle For Lives And Healthcare Should Be Fought

Medical face masks, ventilators, gloves, and other personal protective gear are our biggest&nbsp;weapons against the virus. We need them now more than ever. And we don&#39;t have enough of them. It is the root of the problem. But it takes time to gain the necessary know-how and organize an efficient production in order to increase production.&nbsp;

The U.S. carmaker General Motors (NYSE:<a class="ticker" href="/stock/GM#NYSE">GM</a>) realized this and provided manufacturing blueprints for face mask production. All those blueprints, with detailed specifications materials, equipment, and processes will be available to all companies that want to join the fight against COVID-19. So far, GM has sent production instructions to 600 suppliers willing to join the war. Additionally, last week GM began face mask test production in Detroit. It is expected that up to 50,000 masks will be produced per day, once the production line is running at full capacity utilization.

Tesla Is Also Making Progress

Tesla Inc (NASDAQ:<a class="ticker" href="/stock/TSLA#NASDAQ">TSLA</a>) engineers showed their medical ventilator prototype. Its design relies heavily on car parts, but that&#39;s not the point. What&#39;s important is that Tesla showed to the world that it can count on its contribution. Timeline for production was not specified but nevertheless, these are encouraging news.

Volkswagen- A Synonym For Solidarity

Finally, German carmaker Volkswagen AG (OTC:<a class="ticker" href="/stock/VWAGY#OTC">VWAGY</a>) showed what the word &quot;solidarity&quot; means. Recently, it agreed with its interior supplier Faurecia S.E. (OTC:<a class="ticker" href="/stock/FURCF#OTC">FURCF</a>) to produce face masks and gowns. The supplier&#39;s production lines in Mexico were modified and now they are producing masks and gowns. It was announced that its factory is ready to produce approximately 250,000 masks and 50,000 gowns per week. Volkswagen decided to donate its first batch of 75,000 units to New York State hospitals - the epicenter of the crisis. The arrival of this personal protective equipment is expected this week.&nbsp;

Cooperation Is The Only Way Forward

This is how we should all fight this unprecedented health crisis that has put the whole world on hold. We don&#39;t need mutual accusations, but cooperation and mutual understanding. Carmakers that are now facing existential problems have shown us the way we all should behave&mdash;not to be selfish but human. Well done, carmakers.

This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full <a href="https://iamnewswire.com/disclaimer-disclosure/">disclosure</a> . Ivana Popovic does not hold any position in the mentioned companies. Press Releases &ndash; If you are looking for full Press release distribution contact: <a href="mailto:press@iamnewswire.com">press@iamnewswire.com</a> Contributors &ndash; IAM Newswire accepts pitches. If you&#39;re interested in becoming an IAM journalist contact: <a href="mailto:contributors@iamnewswire.com">contributors@iamnewswire.com</a> Questions about this release can be send to <a href="mailto:ivana@iamnewswire.com">ivana@iamnewswire.com</a>

The post <a href="https://iamnewswire.com/2020/04/07/carmakers-the-knights-the-world-deserves-and-needs-right-now/" rel="nofollow">Carmakers- the knights the world deserves and needs right now!</a> appeared first on <a href="https://iamnewswire.com" rel="nofollow">IAM Newswire</a>.

Photo by&nbsp;<a href="https://unsplash.com/@antaresqsq?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Tedward Quinn</a>&nbsp;on&nbsp;<a href="https://unsplash.com/s/photos/hospital-mask?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

Faurecia SA (OTC: FURCF) reported a 16% surge in its Q3 revenue. 

Its quarterly revenue climbed to EUR3.79 billion, versus analysts'estimates of EUR3.75 billion. Over the first nine months of this year, Faurecia's overall revenue jumped 18% to EUR11.94 billion. 

Faurecia now projects full-year sales of EUR15.7 billion to EUR15.9 billion, and an operating profit of between EUR620 million and EUR650 million.


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