Visteon wins $1.4 billion in new business in Q1 2024, launches 26 new products

Digitisation of vehicle cockpit megatrend is a key growth driver for Visteon with over $400 million of displays wins; Visteon products have gone on 26 vehicle models across 14 OEMs in the January-March 2024 quarter.

Autocar Pro News Desk By Autocar Pro News Desk calendar 26 Apr 2024 Views icon5139 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Visteon wins $1.4 billion in new business in Q1 2024, launches 26 new products

Visteon has reported net sales of $933 million compared to $967 million in the first quarter of the prior year. The decline in net sales was primarily due to lower recoveries resulting from improved semiconductor supply in the first quarter of 2024 and 1% lower customer vehicle production. 

The company states that its sales outperformed customer vehicle production volumes by 2%, driven by the ramp up of recent product launches and continued growth of its electrification products.

Digitisation of cockpit drives growth

The company won $1.4 billion in new business in the first quarter, continuing to position Visteon as a leader in the digitalization of the cockpit. First quarter wins included over $400 million of displays wins, including dual 12-inch displays for a European commercial vehicle OEM, a 10-inch cross-carline display for a European OEM, and an 8-inch ultra-thin OLED rear seat monitor for a German luxury OEM.

Additional wins in the first quarter of 2023 included a 12-inch digital cluster with a Japanese OEM, and a SmartCore program win with a domestic Chinese OEM for a premium brand. Meanwhile, Visteon continues to diversify and expand into adjacent markets with over $300 million of wins for the two-wheeler and commercial vehicle markets in the quarter.

Visteon’s products launched on 26 vehicle models across 14 OEMs in the first quarter. Key new launches included a digital cluster, a centre display, and audio infotainment on the Ford Puma for Europe, a digital cluster on the Honda e:NS2 electric vehicle for several Asian markets including China, and a SmartCore program on Scania commercial vehicles, providing another example of our success in the commercial vehicle market.

"Our first quarter results highlight our continued progress on addressing the megatrends of digitalization and electrification that are rapidly changing the automotive industry. I am very proud of our continued operational execution and launching a high number of new products across the globe to support our customers and deliver near-term growth,” said President and CEO Sachin Lawande. "We are also strengthening our future with another strong quarter of new business wins across our digital cockpit products while further diversifying into adjacent end markets."

Visteon is maintaining its full-year 2024 guidance and anticipates sales in the range of $4.0 to $4.2 billion, adjusted EBITDA in the range of $470 to $500 million, and adjusted free cash flow in the range of $155 to $185 million.

RELATED ARTICLES
Subaru, Toyota and Mazda to develop new engines in drive towards carbon-neutrality

auther Autocar Pro News Desk calendar28 May 2024

While transforming vehicle packaging with more compact engines, the three Japanese automakers will also decarbonise IC e...

Hyundai appoints former Apple exec Manfred Harrer as head of Genesis and performance development tech unit

auther Autocar Pro News Desk calendar28 May 2024

Manfred Harrer to lead Genesis & Performance Development Tech Unit under Hyundai-Kia R&D division; Harrer, who has worke...

Kia India’s S Shanthakumar tops 11th Skill World Cup for best global mobility technicians

auther Autocar Pro News Desk calendar28 May 2024

Global mobility engineering competition for Kia technicians sees 42 national winners from 40 countries compete in both w...