(Boursier.com) — European car manufacturers and suppliers are celebrating this weekend, like Valeo and Faurecia who earn more than 5.5% in Paris. More generally, the Stoxx 600 Automobiles & Parts index rose 2.8% after two days of losses. Citi (‘neutral’) explains that Valeo’s management has confirmed that car production bottomed out in April and that activity is improving in May. Referring to an online meeting with the group’s chief financial officer, Robert Charvier, the bank notes that the main factors which have weighed on production are showing signs of slowing down: the situation in China is improving; Russia/Ukraine war bottlenecks are easing and semiconductor shortages are also showing signs of recovery.
In the same direction, Citi indicated yesterday that the management of Faurecia (‘purchase’) seemed confident in the fact that the automobile production had bottomed out in April, pointing to signs of considerable improvement in China and Europe.