STOCKHOLM, Oct 25 (Reuters) - Electronic car products maker Veoneer, carved out of Autoliv this year, forecast an up to 2 year delay in reaching its operating income target blaming short-term delays in ramp up and production starts for some car models.
The Swedish company, which is focused on high-tech safety gear to target self-driving cars, said it expected to achieve its operating margin target of 0 to 5 percent 1 to 2 years later than its original expectation of 2020.
“In the short-term, we see some delays in the start of production and slower ramp-ups of certain customer models along with some slight delays in expected business,” Chief Executive Jan Carlson said in a statement.
“These developments result in downside risk to our 2020 total sales target and we are therefore likely to reach $3 billion in total sales slightly later than previously anticipated,” he added. (Reporting by Esha Vaish and Johannes Hellstrom in Stockholm, editing by Helena Soderpalm)