French suppliers Forvia and Valeo face revenue declines in China

French suppliers Forvia and Valeo both saw declines in China revenue last year as traditional customers struggled against local competitors in the rapidly electrifying market. Forvia's sales in China dropped 3.4% year-over-year to just under €5.7 billion ($5.9 billion) in 2024, attributed to an “unfavorable customer mix” and “delayed start of production” (SOPs). Local automakers accounted for 48% of Forvia’s China sales. Meanwhile, Valeo’s equipment sales in China fell 8.1% to below €2.7 billion, marking a second consecutive year of decline. These sales represented 15% of its global equipment revenue, down 0.6% from 2023. Local automakers made up half of Valeo's equipment sales in China in 2024.