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Veoneer Seeks $500 Million Capital Infusion
Veoneer Inc., the former electronics business of Autoliv Inc., aims to raise $500 million to help fund new product development and counter slowing vehicle sales.
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Veoneer Inc., the electronics business that was spun off from Autoliv Inc. last year, aims to raise $500 million to help fund new product development and counter slowing vehicle sales.
The company posted an operating loss of $128 million for the first quarter, with year-over-year sales for the period falling 17% to less than $500 million. The supplier previously had forecast flat or slightly lower sales during the first quarter.
Veoneer said it had more than $19 billion of new business booked at the beginning of 2019, compared with $16 billion a year earlier. But the company cautions that some programs may be delayed as carmakers push back plans to launch next-generation autonomous vehicle systems that use Veoneer’s sensors and software.
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