January 3, 2020 / 7:58 AM / 24 days ago

Veoneer says 2019 order intake lower than expected

STOCKHOLM, Jan 3 (Reuters) - Swedish auto technology group Veoneer said on Friday it estimated the lifetime value of its new order intake in 2019 at around $2.5 billion, adding the number was weaker than anticipated.

“The lower than expected figure is mainly due to delayed timing of orders, first indicated in Veoneer’s earnings release for the third quarter 2019,” the company said in a statement.

Veoneer said it now had an order book worth $19 billion in total. It said it still expected to return to organic sales growth in 2020, but with growth expected to be focused in the second half of the year based on the timing of new car launches.

The firm, which makes radars, vision systems and software for advanced driver assistance systems and autonomous driving, has been hit by a deep slump in global car production and is currently implementing a range of cost-efficiency measures. (Reporting by Johannes Hellstrom, editing by Terje Solsvik)

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