Automotive supplier Plastic Omnium achieved a strong 35.6% increase in its turnover in the first quarter of 2023, mainly thanks to Europe, and is opening a new factory in the United States. The family group published on Tuesday a consolidated turnover of 2,560 million euros in the first three months of the year, according to a press release.
Taking into account the sales made in the subsidiaries up to their participation percentage, the increase in the economic turnover of the group amounts to 34.5%, up to 2,820 million euros. In Europe, turnover reached 1,470 million (+45.7%), driven mainly “by sustained activity in Germany and Eastern Europe, particularly in PO Modules and Intelligent Outdoor Systems”.
Production of parts for a European manufacturer
In North America, sales growth was just 1.5% during the quarter, to €741 million. Production volumes “continued to be affected by component shortages, particularly in Mexico,” the statement said. But Plastic Omnium announced a record order intake in North America for thermal, electric and hydrogen vehicles, “ensuring the future growth of the group”, in particular thanks to energy “storage solutions”.
The group plans to open a new US factory in the second half of 2023 to respond to this record order intake, for electric vehicle front end modules and cabs. It also plans to produce rear bumpers and other exterior parts in the United States “for a European manufacturer” starting in 2026 for seven years, the statement added.
A megafactory in China operational from 2026
In China, where turnover amounted to 258 million euros in the first quarter (+9.5%), a new megafactory with a capacity for 60,000 high-pressure hydrogen tanks should be operational “from 2026”, in a deal al 50-50 venture with Rein, a subsidiary of Shenergy Group.
The group has confirmed all its financial targets for the year, including an operating margin of more than 400 million euros, more than 10% compared to 2022, and free cash flow “) of more than 260 million euros.
Source: BFM TV
