Visteon, a technology solutions company, revealed its second quarter 2024 results yesterday, reporting net revenues of $1,014 million, up from $983 million in Q2 2023. The rise in net sales was principally driven by the excellent performance of digital cockpit and electrification products, which were slightly offset by reduced customer output and lower customer recoveries as semiconductor availability improved. Visteon’s revenues outpaced customer vehicle manufacturing numbers by 9%.
Between January and June, Visteon products launched on 41 vehicle models, diversified across 17 different OEMs. A key second quarter launch included a digital cluster for the Toyota Camry in the North American and Japanese markets. The company also launched a centre information display for the Mazda MX-30 crossover and a digital cluster for the Porsche Macan SUV. Demand for its products in the rest of Asia continues, with launches across various Asian customers in key markets in the region.
Visteon states that it won $3.1 billion of new business in the first half of the year, including nearly $1.8 billion of display wins. Over $1.8 billion of new business wins with Rest of Asia OEMs in the first half. Second quarter wins included several significant display wins, including a large, curved OLED display for a luxury vehicle platform for a Japanese OEM and a dual display for a SUV for another Japanese OEM. Visteon also won an audio infotainment and dual display system for a SUV with an Indian OEM.
“Visteon delivered robust sales in the second quarter, driven by strong demand for our powertrain agnostic digital cockpit products and ramp up of electrification products. Margins improved due to our continued focus on operational and commercial discipline,” said President and CEO Sachin Lawande. “We continue to navigate near-term industry challenges, while positioning the company for mid-term growth through strong new business wins and continued launch execution.”
Given the reduction of customer vehicle production in the second half and ongoing market dynamics in China, Visteon is updating its full-year 2024 guidance and anticipates sales in the range of $3.85 – $3.95 billion.
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