The automotive industry picked up again in 2023 reports Swiss-headquartered Autoneum, which increased its sales by 27.6% for the year to CHF 2,302.3 million, boosted by its acquisition of Borgers.

Excluding translation effects due to a strong Swiss franc, revenue in local currencies actually climbed by 34.8% to CHF 2,431.7 million.

There was a significant rise in vehicle production volumes worldwide the company reports, with 90.1 million vehicles produced globally in 2023, compared to 82.4 million in 2022, and growth of 9.4%, driven by more production, notably in Europe and North America.

Autoneum Business Group Europe’s revenue consolidated in Swiss francs was up sharply, climbing by 74.2% over the previous year. As a result of the newly-acquired Borgers units, acquisition-related growth was 69.3% and organic growth was 9.3%.

Business Group North America also significantly boosted revenue consolidated in Swiss francs by 12.7% compared to the previous year, with acquisition-related growth of 10.2% and organic growth of 7.2%.

Business Group Asia’s revenue consolidated in Swiss francs decreased by 11.1%, mainly because of negative foreign currency effects. Excluding these translation effects, revenue was at about the same level as the previous year.

Business Group SAMEA recorded revenue growth in local currencies of 22.1%, which was primarily due to inflation-related price increases. Persistent sharp declines in the value of various local currencies in this region, however, led to a fall in revenue consolidated in Swiss francs of 9.6%.

Based on provisional figures, Autoneum expects an EBIT margin excluding special effects for the 2023 financial year at the upper end of the guidance of 3.5% to 4.5%.

www.autoneum.com