Two major French suppliers, Valeo and Faurecia, said their China sales outpaced the country’s light-vehicle production by big margins in 2020.
While China’s auto output shrank 7 percent last year, Valeo said sales to auto manufacturers in the country rose 7 percent to 2.08 billion euros ($2.54 billion).
The French supplier attributed the growth to a second-half recovery in auto production, during which its sales to automakers rallied 16 percent to top 1.26 billion euros.
In the fourth quarter, Valeo’s revenue surged 18 percent to 686 million euros on demand for advanced driver-assistance and thermal systems.
At Faurecia, China sales totaled 2.56 billion euros in 2020, a decline of 1.2 percent from 2019, with second-half revenue rebounding 11 percent, according to the company’s latest financial report.