Automotive electronics major Visteon has reported net sales of $848 million, representing a year-over-year increase of 42%, driven by new product launches and positive pricing due to incremental costs recoveries related to semiconductor shortages.
Total industry production was flat while vehicle production at Visteon’s top customers increased 6% in the same period. The company's sales performance represents 36% growth-over-market, the 13th consecutive quarter of market out-performance.
27 new products in H1 CC2022
Visteon launched 11 new products in the second quarter bringing the first half total to 27 new launches. Key second quarter launches include a 12-inch all-digital cluster for the Ford Everest and Ranger and a curved multi-display module on the Maserati Grecale, the all-new flagship crossover SUV for Maserati.
The company also launched a SmartCore cockpit domain controller with Geely on their new all-electric SUV under the Smart Brand as well as a 10.25-inch infotainment system and display on PSA’s Citroen C3 supporting Apple CarPlay and Android Auto in the South American market.
Visteon says it has won $3.1 billion (Rs 24,713 crore) of new business through the first half of the year, with more than 50% of programs on electric vehicle variants. Second quarter wins included its latest-generation SmartCore cockpit domain controller on an all-electric SUV platform for a European OEM, which is the company's first cockpit domain controller with this automaker. Visteon also won a 12-inch display for a luxury German OEM, also its first centre information display win with this OEM.
"I am proud of Visteon's double-digit growth-over-market performance in an environment of constrained supply exacerbated by the lockdown in Shanghai due to COVID-19. The Visteon team performed exceptionally well to secure supply and support our customers' production in this challenging environment. Our digital products continue to do well and we are happy to report another strong quarter of new business wins with over $2 billion in lifetime revenue," said Sachin Lawande, President and CEO, Visteon.
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