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The car industry has been on a sharp recovery path in recent months after taking a severe hit earlier this year when production ground to a halt in many major markets.
The quicker than expected rebound has helped big car makers beat earnings forecasts and prompted Daimler – one of Veoneer’s biggest customers – to raise its profit outlook for the year on Friday.
Veoneer , a maker of radars, vision systems and driver-assistance software, said it was cautiously optimistic looking at the fourth quarter, and was seeing strong demand at the start of the period, particularly in China.
“We have a generally good momentum in Veoneer at the moment,” Chief Executive Jan Carlson told Reuters in an interview.
Veoneer’s Sweden-listed shares were up 0.5% at 1056 GMT. They are up some 33% over the past three months.
The Sweden-based company reported a $103 million operating loss for the third quarter, versus a $122 million loss a year earlier, right in line with mean analysts’ forecast in a poll published by the company.
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