|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||13.77 - 14.21|
|52 Week Range||8.02 - 15.13|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
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MILAN (Reuters) -Brake manufacturer Brembo on Thursday forecast a significant slowdown in its sales growth this year as the automotive market weakens, denting its share price. The Italian company said the first months of 2023 saw a positive performance in terms of volumes and capacity utilisation and for the full year it expected its revenues to increase in the mid-single digit range. That compares with 31% growth last year, when Brembo's revenues totalled 3.629 billion euros ($3.84 billion).
Italian premium brakes maker Brembo, which supplies Tesla, Ferrari and other car companies, plans to expand one of its factories in the northern Mexican state of Nuevo Leon, government officials said on Thursday. The company has operated since 2015 in Nuevo Leon state, which borders Texas, and where it employs 1,150 people at its Escobedo site, the Nuevo Leon governor's office said in a statement. Brembo now plans to double the size of that factory, aiming to open around the second quarter of 2023, said a person with knowledge of the matter.
Premium brakes maker Brembo said on Wednesday it had set up an internal venture capital unit, called Brembo Ventures, to accelerate the development of technologic solutions to be applied to the automotive industry. The move of the Italian group mirrors similar initiatives by other companies including Stellantis and CNH Industrial with the common purpose to spur innovation in a fast changing environment as the automotive industry moves towards electrification and autonomous driving. A spokesman for the group said Brembo Ventures was a unit and not set up as a proper venture capital fund with an initial financial endowment.
Brembo could consider expanding its investment in a newly announced joint venture in China with Gold Phoenix, its executive chairman told Reuters after the Italian brakes maker posted a 13% rise in first-half core earnings. Brembo this week said it and Gold Phoenix had agreed to create a 50/50 JV to build in China Brembo's first large scale facility fully dedicated to producing pads for the aftermarket, with an overall investment of about 35 million euros over the next three years.