Home Auto News Components COVID-19 impact: Valeo reports 1.2 billion euro loss in H1 2020

COVID-19 impact: Valeo reports 1.2 billion euro loss in H1 2020

New Delhi: French auto components provider Valeo reported a 1.2 billion euro loss in the primary half of 2020 resulting from disruption in manufacturing brought on by a coronavirus outbreak.

The company additionally said that it has slashed near 10 % of its workforce to cut back value.

Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, commented “With the Covid-19 disaster, we’re witnessing each a rising choice for particular person mobility and accelerating demand for safer, electrical mobility all around the world. This pattern additional demonstrates the relevance of our strategic selections.”

He furthers said protecting company’s employees has been of the utmost importance during this pandemic. “This is the rationale behind the protection protocol – which is necessary and audited – put in place at all the Group’s websites. Measures have additionally been taken on an distinctive scale to make sure the continuity of our operations going ahead, together with value financial savings of 570 million euros and a discount of 384 million euros in investments and gross inventories,” he added.

The Group also recognized 622 million euros in one-off charges, the CEO informed. Besides slashing investments, the company has aly laid off 12,000 workers.

Bearings maker SKF core earnings beat forecasts as cost cuts bite

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