French automotive supplier Forvia, the world’s seventh-largest, reported robust organic sales growth for Q3 but cautioned about increasing repercussions from the ongoing United Auto Workers (UAW) strike in the U.S. The strike impacted Forvia’s U.S. sales by 6 million euros in the past quarter, and this is expected to surge to approximately 55 million euros in October. With more than 34,000 union members on strike at major automakers, including Ford, General Motors, and Stellantis, Forvia’s CFO Olivier Durand acknowledged the strike’s larger-than-anticipated impact, hinting at potential layoffs and cost-cutting measures to counter the financial fallout. Despite these challenges, Forvia maintained its 2023 sales forecast and operating margin targets.
Forvia Faces Growing Impact from UAW Strike, Contemplates Layoffs
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