"2024 will be more difficult than expected, 2025 probably too," Hartung said, adding the company was in discussion about how far to shift its profit and revenue targets back.
"We will not be able to avoid job cuts in affected areas," he added, pointing to the need for the automotive supplier to transition towards electric-powered vehicles.
The supplier was targeting a 5% earnings margin for 2023, a goal Hartung said was still achievable but facing some uncertainty due to currency exchange risks in China and Turkey.
(Writing by Rachel More, Victoria Waldersee; Editing by Miranda Murray)
