Automotive technology supplier Aptiv on Monday lowered its sales forecast for the financial year due to a semiconductor shortage that has forced automakers to curtail production.
The company now expects 2021 net sales in the range of $15.1 to $15.5 billion, down from its previous target of $16.1 to $16.4 billion.
A surge in COVID-19 cases in Asian countries that are home to auto factories and semiconductor plants has led to an acute chip shortage, impacting automotive players small and large.
The Dublin-based company also said it expects adjusted operating income margins between 7.6 and 8.4 percent, down from previous guidance of 9.9 to 10.2 percent.
Aptiv added that it updated its outlook to reflect a 7 percent decrease in global vehicle production, from 85 million units to 79 million units.