PARIS (Reuters) -- Valeo CEO Jacques Aschenbroich said China's auto market appeared to have hit the bottom and confirmed the French supplier’s full-year targets.
"The feeling I have in China is that we've hit the bottom, and that the market seems gradually to be giving signs of recovery," Aschenbroich said on Thursday.
"There has been significant destocking by our clients in the third quarter, but Valeo's Chinese operations continue to show slight growth. The Chinese market will continue to improve progressively."
The CEO said he was comfortable with the group's financial targets, which it raised in July, and added that he expected to complete the sale of its engine control business by the end of the year.
The company pledged to beat its 7.4 percent first-half operating margin in the rest of the year, effectively lifting the 2015 goal. Valeo had previously targeted a "slight increase" on last year's 7.2 percent.