Daimay subsidiary gets $14.7m initial insurance payout after factory fire

Daimay Automotive Interior, S de R. L. de C. V., a Mexican subsidiary of Shanghai Daimay Automotive Interior Components Co., Ltd., has received a prepayment of $14.70 million from AXA Seguros for a fire that occurred on May 11, 2025. This amount will be recorded as "non-operating income" in the company's 2025 financial statements.

The fire severely damaged one of the subsidiary's factories and its contents, primarily used for manufacturing and storing automotive headrests and related components. The estimated damage to the factory, equipment, and inventory totals $33.75 million, which has been fully provisioned in the 2025 semi-annual report.

Daimay Mexico's total insurance claim is approximately $46.28 million, comprising about $10.20 million for building damage and $36.08 million for equipment and inventory. The remaining insurance payout is still under review by the insurance company.