STOCKHOLM: Auto know-how group Veoneer posted a smaller than expected quarterly working loss on Friday and stood by its forecast for diminished full-year losses regardless of the coronavirus disaster.
The maker of radar and imaginative and prescient methods reported a $64 million working loss, bettering from a $137 million loss a year in the past and nicely above the $134 million loss forecast in a ballot of analysts revealed on the company’s web site.
The automotive trade, which was aly grappling with slowing demand and mounting prices for the shift to electrical automobiles and superior automation earlier than the pandemic hit, was notably onerous hit early within the quarter as manufacturing was halted in lots of markets by widesp lockdowns.
Sweden-based Veoneer, which competes with the likes of Aptiv , Bosch and Continental, said clients in Europe and North America had progressively ramped up output through the latter a part of the second quarter.
“Despite the extreme conditions in the quarter, our market adjustment initiatives are having the desired effects and we are currently on track to reach our efficiency targets for 2020,” CEO and Chairman Jan Carlson said in an announcement.
Veoneer has moved to chop workers and furloughed still extra whereas additionally trimming spending on analysis and improvement, which is expected to drop by greater than $100 million from last year.
The company, which makes imaginative and prescient methods, radar and software program for superior driver-assistance methods (ADAS) and provides carmakers similar to Daimler, Ford and Honda , said it still expects gross sales this year to outpace light-vehicle manufacturing.
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