Auto parts supplier Aptiv revenue dips on lower demand from car makers – Reuters
Feb 3 (Reuters) – Aptiv Plc (APTV.N) on Thursday reported a drop in fourth-quarter revenue as automakers cut production due to supply chain disruptions, which the auto parts supplier said would persist this year.
Pandemic-induced shortages of raw materials and labor have forced car makers around the globe to slash their production and even produce cars without certain features in some cases, affecting suppliers like Aptiv.
Known for its advanced driver assistance systems, vehicle computers and high-voltage cabling for automobiles, Aptiv counts Stellantis NV (STLA.MI), Volkswagen AG (VOWG.DE) and General Motors Co (GM.N) among its customer.
Aptiv’s net sales fell 1.9% to $4.13 billion for the quarter ended Dec. 31. But the company’s net income fell by a whopping 95% to $15 million, from $283 million a year earlier, in part due to debt extinguishment costs.
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Reporting by Kannaki Deka and Nathan Gomes in Bengaluru; Editing by Ramakrishnan M. And Shinjini Ganguli
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