FILE PHOTO: French car parts supplier Faurecia's logo is seen during the company's investor day in Paris, France, April 19, 2016.
REUTERS/Charles PlatiauPARIS (Reuters) -French car parts maker Faurecia posted a more than 10% drop in third-quarter sales on Tuesday, as its customers cut production due to a global shortage of semiconductor chips.
The group, which supplies car seats, dashboards and fuel systems to automakers, reported sales of 3.43 billion euros ($3.99 billion), compared to 3.82 billion euros in the same period of 2020.
“Market conditions remained tough in the past quarter, impacted by adverse supply chain conditions, primarily semiconductors,” Chief Executive Officer Patrick Koller said in a statement.
Car makers such as Renault, Volkswagen and Stellantis - some of Faurecia’s biggest customers - have cut production targets due to the shortage, slowing demand for parts.
Charles Platiau PARIS, Faurecia, Patrick Koller, coronavirus
REUTERS, IHS, Renault, Volkswagen, Faurecia