The Bossard Group reported sales in the first quarter of 2018 increased 10.9% to a record CHF 220.4 million (US$229 million).

“Once again, the Group posted broad-based growth in all three market regions,” Bossard stated.

In Europe, where Bossard generates about 60 of its sales, growth was 14.8% to CHF132.1 million.

In the U.S., Bossard posted “gratifying growth,” with sales growing 8.2% to CHF 58.1 million.

“Business with the largest US electric vehicle manufacturer (Tesla) was less dynamic in the first quarter,” Bossard stated. “In spite of higher production volumes, sales remained at the previous year’s level, mainly due to a change in product mix.”

During Q1, Tesla announced a recall of nearly 123,000 Model S sedans – nearly half of all the cars it has manufactured – after discovering that certain corroding bolts in cold weather climates could lead to a power-steering failure. In late March Bossard distanced the Group from the Tesla recall by stating “the bolts in the power steering component affected by a recall were not supplied by Bossard.”

In its earnings report, Bossard added that Tesla “accounted for less than 6 percent of Group sales in the first quarter.”

Q1 sales in Asia rose 12.7% to CHF 30.2 million, including double-digit growth in Taiwan and Thailand.

Bossard estimates sales volumes in fiscal year 2018 to approach CHF 850 million, compared to last year’s CHF 786 million. Web: Bossard.com