Lear Joins Daimler Seeing Gloomy Outlook for Global Car Industry
- Seat supplier warns sales may drop to as low as $19.8 billion
- Auto sales are slumping this year in China and the U.S.
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A major supplier of automotive seats joined the largest luxury-car maker in cutting its earnings forecasts as weak sales in the world’s biggest markets darkens the outlook for the industry.
Lear Corp. warned investors Tuesday that net sales may drop to as low as $19.8 billion this year, down from an earlier projection of as much as $21.7 billion. The supplier of seats and electrical systems followed Mercedes-Benz maker Daimler AG in dialing back its earnings outlook, saying a second-half rebound in industry production volumes may no longer be in the cards.