Valeo are facing a loss of €1.2bn in the first half of this year, on account of the coronavirus pandemic, and have cut some 10% of staff in an effort to reduce spending.
The company recorded €622m worth of one-time charges and a 28% drop in comparable revenues in 1H20, and have taken measures to contain cash expenditures as they work to recover from the pandemic. They have cut 12,000 jobs and slashed investments.
CEO Jacques Aschenbroich (photo) says “With the Covid-19 crisis, we are witnessing both a growing preference for individual mobility and accelerating demand for safer, electric mobility all over the world. This trend further demonstrates the relevance of our strategic choices. Measures have been taken on an exceptional scale to ensure the continuity of our operations going forward, including cost savings of €570m and a reduction of €384m in investments and gross inventories”.