Auto suppliers alter outlook on lower EU output
Aug 15, 2012 | 04:01 PM
| Corinna Petry
CHICAGO As a decline in European automotive production in the first half of 2012 hit revenues for some global Tier I suppliers and hurt the profits of others, many are adjusting their expectations for the second half accordingly.
Manufacturers of drivetrain components, engines, batteries, electronics, control systems and interiors found North America to be the strongest market so far this year as developing economies experience bumps in the road and Europe suffers through sovereign debt crises.
"While we continue to monitor Europe closely, given the current economic environment and uncertainty, we are maintaining our full-year production outlook for both light vehicle and medium/heavy truck compared to our prior estimates," Dana Holding Corp. president and chief executive officer Roger J. Wood said during the Maumee, Ohio-based companys most recent earnings call. "We believe that final production will be at the lower end of the range on the light vehicle front."....
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