March 4, 2020 / 11:52 AM / a month ago

Outbreak impact on Veoneer in China tapers off as workers return to plants

STOCKHOLM, March 4 (Reuters) - Swedish automotive technology firm Veoneer said on Wednesday it was currently seeing a limited impact on its Chinese business from the coronavirus outbreak though it was too early to assess the financial impact for the full quarter.

The company, which makes radars, vision systems and software for advanced driver assistance systems and autonomous driving, also said it was not suffering from any supply disruptions at present.

"We actually see a quite limited impact on operations at the moment, but it is too early to estimate any type of financial impact," company spokesman Thomas Jonsson told Reuters on Wednesday.

The company, which held its Chinese operations closed for two weeks during the prolonged Chinese New Year, now had 80-85% of staff in the country back working normally, he added.

China accounted for about 18% of Veoneer's group sales last year, but that refers to production originating in China, with nearly half delivered to other parts of Asia, mainly Japan, Korea and Thailand.

"We are up and delivering to all our customers, even if not everyone is running at full capacity. It seems like things are gradually normalising in China," Jonsson said. (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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