Veoneer Provides Update to First Quarter 2020 and Current Market Situation

Veoneer Provides Update to First Quarter 2020 and Current Market Situation

PR Newswire

STOCKHOLM, March 20, 2020

STOCKHOLM, March 20, 2020 /PRNewswire/ -- Given the rapid changes in the market caused by the effects of the coronavirus outbreak, Veoneer Inc. (NYSE: VNE and SSE: VNE SDB), updates indications of its first quarter 2020, current business situation and short term response actions.

"This is in many ways an unprecedented situation, signified by very rapid changes and everyone's health and safety is our first priority", said Jan Carlson, Chairman, President and CEO. "We are working in rapid response mode, to meet customer demand while running effective operations, reducing costs and preserving our core RD&E to build for the future. With the support of our associates, customers, suppliers and shareholders, Veoneer is determined to come through this crisis as an even stronger company", added Carlson.

This report is information that Veoneer, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the EVP Communications and IR set out above, at 13.00 CET on March 20, 2020. Inquiries - Company Corporate website

For more information please contact:

Thomas Jönsson
EVP Communications & IR
tel +46 (0)8-527-762-27

Ray Pekar
Investor Relations
tel +1(248)794-4537

Veoneer designs and manufactures products and solutions for active safety, autonomous driving, occupant protection and brake control. Our purpose is to create trust in mobility. Founded in 2018, Veoneer builds on a heritage of close to 70 years of automotive safety development. Headquartered in Stockholm, Sweden, Veoneer has 8,900 employees in 13 countries. In 2019, sales amounted to $1.9 billion. Veoneer is listed on the New York Stock Exchange and on the Nasdaq Stockholm.

Safe Harbor Statement: This release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Veoneer, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market, the impacts of the coronavirus (COVID-19) on the Company's financial condition and business operations; the cyclical nature of automotive sales and production; changes in general industry and market conditions or regional growth or decline; changes in customer and consumer preferences for end products; market acceptance of our new products; dependence on and relationships with customers and suppliers; unfavorable fluctuations in currencies or interest rates among the various jurisdictions in which we operate; work stoppages or other labor issues; legislative or regulatory changes impacting or limiting our business; political conditions; and other risks and uncertainties contained in the Company's quarterly reports and Annual Report on Form 10-K. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

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