January 29, 2019 / 11:13 AM / a year ago

Sweden's Autoliv delays 2020 targets on car market slowdown

STOCKHOLM, Jan 29 (Reuters) - Sweden’s Autoliv forecast lower-than-expected organic sales growth this year and delayed its 2020 sales and margin targets, blaming a slowdown in car production and sales as well as an increase in raw material prices.

The world’s largest maker of airbags and seatbelts said on Friday it was maintaining its targets of reaching more than $10 billion in sales and around 13 percent in adjusted operating margin, but no longer expected to reach them in 2020.

Autoliv, which competes with Joyson Safety Systems and ZF TRW, also said it expected organic sales growth of around 5 percent for this year, below the 7.1 percent forecast in a Reuters poll of analysts. (Reporting by Esha Vaish in Stockholm; editing by Niklas Pollard)

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