Meanwhile, the group on Wednesday said its preliminarily full-year sales rose to 17.3 billion euros ($19.52 billion), slightly above its guidance range of 16.9 billion-17.2 billion euros.
Free cashflow, however, came in lower than expected, the company said, blaming the worldwide shortage in semiconductor supplies that forced it to shore up its stocks.
Valeo reported a full-year free cash flow of 290 million euros versus its guidance range of 330 million-550 million euros.
Périllat said in statement that “the inventory increase implemented to protect our customers will be gradually reversed in 2022, as supply conditions improve.”
Full-year figures are due on Feb. 25, the company said.
Valeo ranks No.10 on the Automotive News list of top 100 global suppliers, with automotive sales of $16.94 billion in 2020. It is the fifth-largest Europe-based supplier.
