Valeo Group's first-half performance report: Electric drive revenue plummeted 40%

The Valeo Group announced its performance in a financial press conference for the first half of 2024. Although total sales reached 11.1 billion euros (about 86.9 billion yuan), it was down 1% year-on-year. Among them, sales of high-voltage electric drive business plummeted by 40% year-on-year, a decrease of 330 million euros (about 2.58 billion yuan). The main reason is the policy shift in Europe and North America, and the policy support for electrification transformation has been greatly reduced. At the same time, the sales of electric models of traditional European and American car companies are not good, and fuel models still dominate. In addition, competition in the Chinese market is also extremely fierce, and business volume has failed to achieve expected growth.