Displays account for almost $1.8 billion in recent orders. These include a substantial, curved OLED display for a luxury vehicle platform, a dual display for an SUV used by two Japanese OEMs, and an audio infotainment and dual display system for an SUV associated with an Indian OEM.
Visteon, a technology solutions provider, disclosed its financial results for the second quarter of 2024, indicating a rise in net sales to $1,014 million, up from $983 million in the same quarter the previous year. This increase is primarily attributed to the robust performance of the company’s digital cockpit solutions and electrification products, although this was somewhat offset by a decrease in customer production and reduced customer recoveries due to an improved supply of semiconductors. Notably, Visteon’s sales exceeded customer vehicle production volumes by 9 per cent.
From January to June, Visteon introduced its products across 41 vehicle models spanning 17 different OEMs. Notable launches in the second quarter included a digital cluster for the Toyota Camry in North America and Japan, a centre information display for the Mazda MX-30 crossover, and a digital cluster for the Porsche Macan SUV. The company also continued to see strong product demand in other parts of Asia, with multiple launches in significant regional markets.
During the first half of the year, Visteon secured $3.1 billion in new business, which included approximately $1.8 billion from display-related projects. Over $1.8 billion of these new contracts were with OEMs from various Asian countries. Significant new business during the quarter included a large, curved OLED display for a luxury vehicle from a Japanese OEM, a dual display for an SUV from another Japanese OEM, and an audio infotainment and dual display system for an SUV with an Indian OEM.
Visteon achieved robust sales in the second quarter, driven by significant demand for its digital cockpit products, which are compatible with various powertrains, and an expansion in its electrification product line. The company also saw an improvement in margins, attributed to its consistent focus on operational and commercial discipline, as stated by Sachin Lawande, President and CEO. Lawande further emphasized the company’s dedication to navigating short-term industry challenges and its strategy to foster mid-term growth through significant new business acquisitions and ongoing product launches.
In light of reduced vehicle production by customers in the latter half of the year and ongoing market dynamics in China, Visteon has revised its full-year 2024 sales forecast, now expecting it to be between $3.85 billion and $3.95 billion.
