Linamar says Q3 vehicle production forecast down ‘meaningfully’ for Europe
The Canadian PressGeneral Automotive
Auto parts maker says EU decline more than off-set by higher than expected production in the Asia Pacific region.
GUELPH, Ont. – Linamar Corp. says its light vehicle production forecast for the third quarter is down “meaningfully” in Europe compared with its previous forecast, despite being slightly higher overall.
The Guelph, Ont.-based manufacturer says production in Europe for the quarter was down by 260,000 vehicles compared with its July forecast, offset by higher than expected production in the Asia Pacific region.
Overall, Linamar forecast third-quarter global vehicle production at 20.86 million, up from an earlier prediction for 20.14 million.
It says input costs related to labour, raw materials and European energy have continued to escalate, affecting the mobility segment of the business.
Linamar also says agriculture equipment sales are expected to be softer than anticipated for the quarter.
Linamar says supply chain constraints have shown some improvement, but is still impacting the ability to meet market demand.