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Car parts maker Valeo says South Korean business picking up
November 24, 2017 / 6:58 PM / 23 days ago

Car parts maker Valeo says South Korean business picking up

PARIS, Nov 24 (Reuters) -

* French car parts maker Valeo’s chief financial officer said its South Korean business, which supplies Hyundai Motor , was picking up after sales were affected earlier this year by diplomatic tensions between Seoul and China.

* “Relations between China and South Korea are normalising and I think Hyundai’s sales (there) will kick off again, at least that’s what we are seeing today in our order book,” CFO Robert Charvier said at a business fair.

* He said he expects Valeo’s business in South Korea to return to normal next year.

* Hyundai Motor saw its sales in China, the world’s largest auto market, tumble earlier this year in large part due to a chill between China and South Korea over Seoul’s deployment of a U.S. anti-missile system.

* Charvier said the downturn in Valeo’s South Korean business would cut its overall sales growth by about one percentage point this year.

* Valeo had said in October that it expected the drop in its South Korea business could last several more quarters. (Reporting by Gilles Guillaume; Writing by Ingrid Melander; Editing by Susan Fenton)

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