Faurecia reported a slight beat to expectations on Q1 23 revenues, while sticking to its prudent FY23 targets. We read this as a reassuring set of results with no major announcements on the group’s liquidity; the #1 priority for the management and Investors. We confirm our positive stance on the company, backed by an improving supply chain situation, sound implementation of the deleveraging plan and strong ties with Chinese OEMs to hedge against a price war.