Momentum slows for vehicle propulsion specialist – but still reaches $1 billion-plus
By Andrew Merrell | 2nd August 2019
A major Gloucestershire employer and a world experts in vehicle technology has seen revenues reach $1.1 billion - for its last quarter.
The firm, which employs 1,200 at its Stonehouse base near Stroud, provides 'electric vehicle and internal combustion engine propulsion solutions'.
US-headquartered Delphi Technologies also solves emissions and fuel economy challenges for the world's leading automotive manufacturers.
As astonishing as its $1.1 billion turnover sounds for the quarter - and $2.3 billion for the year-to-date period - both figures represent a decrease of nine per cent and 10 per cent.
Adjusting for currency exchange, the second quarter and year-to-date revenue apparently come in at five per cent and six per cent, respectively.
Nevertheless, the firm is sounding positive.
"I am pleased with the progress we made in the second quarter, despite a challenging industry and macro environment, particularly in China," said Richard F Dauch, chief executive officer of Delphi Technologies, which has an estimated 50-plus apprentices at its Gloucestershire base.
"We established a new company vision and mission, simplified our organizational structure and continued to improve our execution on key initiatives.
"Consistent with our mission to make vehicles drive cleaner, better and further, we secured a number of key wins, including our largest Power Electronics program.
"We also announced our industry-first 500+ bar GDi system, which will significantly improve vehicle emissions.
"Our leadership in propulsion technologies, customer focus and differentiated value proposition for both passenger cars and commercial vehicles underscores my confidence in our long-term growth potential.
"In the shorter-term, we remain focused on delivering improved underlying profitability, and creating value for all our stakeholders."
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