Sweden's Veoneer considers capital raise of up to $500 mln


STOCKHOLM, April 29 (Reuters) - Sweden'sVeoneer , said it was seeking funding of up to $500 million to plug a funding deficit as the electronic car products maker faces an auto market downturn and high costs for developing new products.

The company, which makes radars, visions systems, advanced driver assistance software and autonomous drive software, said it expects 2019 organic sales to decline compared to last year, compared to a previous guidance of flat to down slightly.

Veoneer said it was facing deteriorating business conditions in the near term at a time when it had ongoing capital needs to meet research, development and expenses costs as well as to deliver against its order book.

This article appears in: Stocks , Politics
Referenced Symbols: VNE

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