Valeo, one of the world’s largest car parts suppliers, believes China’s car market has bottomed out after a slump that has cast a shadow over the global industry and dented profits of many manufacturers.
Jacques Aschenbroich, the French group’s chief executive, warned there may be more redundancies to come in Europe, where several components suppliers have slashed jobs and closed factories because of flagging demand and the need to invest in electrification.
Ahead of laying out new financial targets to investors on Tuesday, Mr Aschenbroich gave a positive outlook for Valeo, whose share price sank last year in the wake of two profit warnings.
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