Linamar says Q3 vehicle production forecast is down ‘meaningfully’ for EU region
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Overall, the auto parts maker forecast Q3 global vehicle production at 20.86 million, up from an earlier prediction for 20.14 million.
Automotive parts maker Linamar Corp. says its light vehicle production forecast for the third quarter 2022 is down “meaningfully” in Europe compared with its previous forecast, despite being slightly higher overall.
In an Oct. 11 statement, the Guelph, Ont.-based firm noted that input costs related to labour, raw materials, and European energy have continued to escalate, affecting the mobility segment of the business.
Linamar said that production in Europe for the quarter was down by 260,000 vehicles compared with its July forecast, offset by higher than expected production in the Asia Pacific region. Overall, Linamar forecast third-quarter global vehicle production at 20.86 million, up by 772,000 units from an earlier prediction for 20.14 million.
Linamar also says agriculture equipment sales are expected to be softer than anticipated for the quarter. Linamar says supply chain constraints have shown some improvement, but is still impacting the ability to meet market demand.