Veoneer Growth Stalls as Car Sales Slow, Autonomous Pushed Back

STOCKHOLM (Reuters) – Swedish autoparts maker Veoneer forecast organic sales would not grow this year as it expects a downturn in Chinese and European car production to persist, adding any further deterioration could force it to seek additional funding.

Veoneer forecast its 2019 organic sales would be flat to down slightly from last year after reporting a fourth-quarter organic sales decline of 9 percent, worse than the 7.7 percent fall analysts had expected.

The company said it was “actively reviewing” its investment priorities and its product portfolio focus since it expected large-scale production of fully driverless cars to be delayed.

“I think everybody is in agreement that it is pushed out several years from where we thought just 6-8 months ago,” Carlson said, adding that Veoneer would focus on products that capture larger volume sales in the current premium car market.

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