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    Tariff trouble: Will Mexico's auto investment engine splutter?
    In the aftermath of the US election, President-elect Donald Trump’s impending return to the Oval Office has sparked widespread speculation about the implications of his second term, particularly in the automotive sector. As the world watches, the intersection of politics and innovation becomes a focal point, with the administration's stance on the Inflation Reduction Act (IRA) and its impact on electric vehicle supply chains taking center stage. Meanwhile, the alliance between Elon Musk and th...
    Insights
    Inching closer to commercialization: Curious case of autonomous trucks
    The advent of autonomous trucking represents a significant paradigm shift within the broader mobility industry, with far-reaching implications for logistics and supply chain management. However, the roadmap for autonomous truck deployment is continuously being dialed back as technology maturation, capital investment, business case rationalization, and regulatory hurdles prove more challenging than expected. Despite these challenges, the potential for autonomous trucks to revolutionize freight tr...
    Insights
    Innoviz reports Q3 2024 revenue at $4.5 million, rises 29% YOY
    Innoviz Technologies has reported third-quarter 2024 revenue at $4.5 million, an increase from $3.5 million in the same quarter the previous year. Operating expenses in the third quarter of 2024 were $26.0 million, a decrease of 6.4% from $27.8 million in the third quarter of 2023. Operating expenses for the third quarter of 2024 included $4.2 million of share-based compensation compared to $5.0 million in the third quarter of 2023. In the third quart...
    News
    Martinrea International reports 73.7% YOY drop in net income in Q3
    Martinrea International Inc., a global and diversified automotive supplier specializing in lightweight structures and propulsion systems, has reported its financial outcomes for the third quarter ending Sept. 30, 2024. The period saw total sales reaching C$1.2 billion, with production sales amounting to C$1,167.3 million. Net income for the third quarter of 2024 decreased by 73.7% year over year to C$14.2 million, impacted by lower gross margin from reduced sales volume, foreign exchange fluctua...
    News
    Aisin first half FY 2025 revenue declines 4.2% YOY to $15 billion
    Aisin has reported a 4.2% year-over-year decline in revenue to ¥2.3 trillion (about $15 billion) in the first half of the current financial year ended Sept. 30, 2024. The lower revenue impacted the company’s earnings with operating profit declining 38.1% year over year to ¥56.2 billion and profit before income taxes decreasing 81.9% year over year to ¥19.6 billion. Aisin concluded the first half with an 88.4% year-over-year decline in net profit to ¥8.1 billion. The company reported a 5...
    News
    Foxconn reports Q3 2024 revenue at NT$1.85 trillion, up 20% YOY
    According to a press release on Nov. 14, Hon Hai Technology Group (Foxconn) has reported its third-quarter 2024 revenue at NT$1.85 trillion (about $57 billion), up 20% year over year. At the same time, gross profit at NT$114.7 billion rose 12% year over year, operating profit at NT$54.8 billion climbed 19% year over year, and net profit (attributable to the owners of the parent company) at NT$49.3 billion gained 14% year over year. The quarter-over-quarter gains were 20%, 15%, 23% and ...
    News
    Bridgestone’s nine months 2024 net profit drops 5.3% year over year to $1.6 billion
    Bridgestone has reported a 5.3% year-over-year decline in net profit to Â¥252.7 billion (about $1.6 billion) in the nine-month period of the current financial year ended Sept. 30, 2024, the company said in a press release. Revenue increased 2.2% year over year to Â¥3.3 trillion. The company also recorded marginal improvement in operating income to Â¥377.1 billion. However, adjusted operating profit for the period decreased 2.5% year over year to Â¥353.2 billion. Revenue declined in Japan...
    News
    ElringKlinger reports net loss of €56.2 million in Q3 2024
    ElringKlinger AG reported its financial results for the third quarter of 2024, demonstrating a solid performance despite challenging conditions. The group's revenue for the third quarter was €440.8 million, a slight decrease from the previous year's €451.6 million. However, when adjusted for currency effects, the revenue slightly increased in organic terms by 0.1% year over year. ElringKlinger reported a net loss of €56.2 million, compared to a net income of €7.8 million in the third qua...
    News
    Infineon reports FY 2024 revenue at €14.955 billion, down 8% YOY
    Infineon Technologies has announced its financial results for the fourth quarter and full fiscal year of 2024, ended Sept. 30, 2024, on Nov. 12, 2024. For the fourth quarter of fiscal year 2024, the company reported a revenue of €3.919 billion. Over the entire fiscal year 2024, Infineon saw a revenue of €14.955 billion, representing an 8% decline from the previous year. Revenue in the Automotive segment rose in the fourth quarter of the 2024 fiscal year to €2,149 million, up from €2,1...
    News
    Denso’s H1 FY 2025 net profit increases 13% year over year to $1.3 billion
    Denso has reported a 13% year-over-year increase in net profit to Â¥190.8 billion (about $1.3 billion) in the first half ended Sept. 30, 2024, the company said in a press release. Operating profit also increased 18.6% year over year to Â¥251.7 billion. Denso recorded strong growth in earnings despite witnessing a 1.1% year-over-year decline in revenue to Â¥3.5 trillion. “Revenue in the second quarter decreased compared to the previous year, due in part to suspensions of operations by J...
    News
    Continental Q3 net sales declines 4% year over year to €9.8 billion
    Continental has reported a 4% year-over-year decline in net sales to €9.8 billion in the third quarter ended Sept. 30, 2024, the Germany-based company said in a press release. Despite lower sales, the company recorded a 62.9% year-over-year increase in earnings before interest and taxes (EBIT) to €751 million. Net income increased 62.8% year over year to €486 million. The company recorded adjusted EBIT of €873 million, an increase of 36% year over year, and an adjusted EBIT margin of ...
    News
    American Axle reports $1.5 billion revenue in Q3 2024
    American Axle & Manufacturing Holdings Inc. (AAM), a Detroit-based company, disclosed its financial outcomes for the third quarter of 2024, showcasing a positive year-over-year performance. According to the report, AAM achieved sales of $1.5 billion and a net income of $10 million, which is 0.7% of sales. The adjusted EBITDA stood at $174.4 million, or 11.6% of sales. The company also reported a net cash flow from operating activities of $143.6 million and an adjusted free cash flow of $7...
    News
    Qualcomm reports FY 2024 revenue at $39 billion, up 8% YOY
    As reported in a press release on Nov. 6, Qualcomm has disclosed its financial outcomes for the fiscal fourth quarter and full year ending Sept. 29, 2024. The company reported significant growth, with generally accepted accounting principles revenue reaching $39.0 billion for fiscal year 2024, an increase of 8% year over year. The company reported fourth-quarter 2024 revenue at $10.24 billion, up 19% year over year. Furthermore, Qualcomm experienced a substantial increase in its ear...
    News
    Adient’s full-year FY 2023/24 sales drops 4.6% year over year to $14.7 billion
    Adient’s net sales declined 4.6% year over year to $14.7 billion in the financial year (FY) ended Sept. 30, 2024, the US-based automotive seating supplier said in a press release. Lower revenue impacted the company’s earnings before interest and taxes, which fell 34.4% year over year to $343 million. The company’s adjusted EBITDA dropped 6% year over year to $880 million. Adient also recorded a sharp decline in net income of 91.2% year over year to $18 million. “Despite vehicle produc...
    News
    Aptiv’s Q3 net sales declines 5.1% year over year to $4.9 billion
    Aptiv has reported 5.1% year-over-year decline in net sales to $4.9 billion in the third quarter ended Sept. 30, 2024. Adjusted for currency exchange and commodity movements, the company’s revenue declined 6%. Despite the drop in net sales, Aptiv recorded a 12.8% year-over-year growth in operating income to $503 million and a 5.9% year-over-year increase in adjusted operating income to $593 million. The company reported net income of $363 million, down 77.7% year over year. Aptiv recorded...
    News
    Gestamp reports €2.7 billion third-quarter revenue amid industry challenges
    Gestamp, a multinational company specializing in the creation of metal components for the automotive sector, announced its financial outcomes for the third quarter of 2024, recording revenue of €2.7 billion despite challenges such as a downturn in light vehicle production and foreign exchange (forex) impacts. Net income during the third quarter fell more than 66% year over year to â‚¬21 million. Executive Chairman Francisco J. Riberas highlighted the uncertain automotive market and the...
    News
    Samsung SDI reports decline in revenue in Q3 2024 financial results
    Samsung SDI reported its financial outcomes for the third quarter of 2024, which concluded on Sept. 30, 2024, highlighting a notable decrease in revenue and operating profit compared to the same period in the previous year. The company generated 3.94 trillion won (about $2.8 billion) in revenue, marking a 30% year-over-year decline, and an operating profit of 129.9 billion won, a 72% decrease. Compared to the previous quarter, revenue and operating profit fell by 4% and 46%, respectively. A k...
    News
    Kongsberg Automotive's revenue falls 16.9% YOY to $202.7 million in Q3 2024
    Kongsberg Automotive ASA (KA) has announced its financial outcomes for the third quarter of 2024, reporting a revenue of €181.6 million, which marks a decrease of 16.9% in comparison to the corresponding period from the previous year. This decline in revenue, attributed to lower volumes, has been mitigated through considerable cost reduction efforts and operational efficiencies, resulting in earnings before interest and tax of €1.1 million. Despite a downturn in revenue, the company has m...
    News
    Magna’s Q3 net sales declines 3.8% year over year to $10.3 billion
    Magna has reported 3.8% decline in sales to $10.3 billion in the third quarter ended Sept. 30, 2024, the company said in a press release. The decline in sales was in line with a 4% drop in global light vehicle production during the quarter, including 6% lower production in North America and mainland China each and a 2% decline in Europe. Despite lower sales, the company recorded a 30.1% year-over-year growth in income before income taxes to $700 million and a 22.8% year-over-year increase in ...
    News
    Onsemi reports Q3 2024 revenue at $1.76 billion, down 19% YOY
    According to a press release on Oct. 28, Onsemi has reported its third-quarter 2024 net revenue at $1,761.9 million, compared to $2,180.8 million in the third quarter of 2023, declining by 19% year over year. The net income for the quarter was reported at $401.7 million. Further financial metrics revealed a generally accepted accounting principles operating margin of 25.3% and a non-GAAP operating margin of 28.2%. Additionally, Onsemi reported GAAP diluted earnings pe...
    News
    Gentex reports Q3 2024 net sales at $608.5 million, up 6% YOY
    According to a press release on Oct. 25, Gentex Corp. has reported third-quarter 2024 net sales at $608.5 million, marking a 6% increase from the same period in 2023, despite a 6% decrease in light vehicle production in its primary markets. Gross profit margin rose to 33.5%, with income from operations reaching $125.7 million and net income improving by 17% year over year to $122.5 million. During this quarter, Gentex repurchased 3.2 million shares of its common stock. The improved financial ...
    News
    Garret Motion Q3 sales declines 14% year over year to $826 million
    Garret Motion has reported a 14% year-over-year decline in net sales to $826 million in the third quarter ended Sept. 30, 2024, the company said in a press release. Despite the drop in net sales, the company recorded income before income taxes of $76 million, up 8.6% year over year. Garret Motion concluded the quarter with a net income of $52 million, down 8.8% year over year from the $57 million realized in the third quarter of 2023. The company reported adjusted EBITDA of $144 million, tran...
    News
    Valeo Q3 sales drops 5% year over year to €5 billion
    Valeo reported a 5% year-over-year decline in sales to €5 billion in the third quarter ended Sept. 30, 2024, the French supplier said in a press release. Sales on a like-for-like basis, excluding foreign exchange translations and scope of consolidation, declined 2%. Changes in the group negatively impacted sales by 1.6%, mainly related to the sale of Thermal Commercial Vehicles activity.   Original equipment (OE) sales fell 5% year over year to €4.2 billion but outperformed automotiv...
    News
    Lear reports 3% year-over-year drop in Q3 net sales to $5.6 billion
    Lear has reported a 3% year-over-year decline in net sales to $5.6 billion in the third quarter ended Sept. 30, 2024. Excluding the impact of commodities, foreign exchange, acquisitions and divestitures, sales were also down by 3%, reflecting lower production of key Lear platforms, partially offset by new business wins. Despite this, the company outperformed industry performance by 3% during the quarter. The company recorded core operating income of $257 million, down 3.7% year over year from...
    News
    Visteon’s net income drops 40.9% year over year to $39 million
    Visteon has reported a 40.9% year-over-year decline in net income to $39 million in the third quarter ended Sept. 30, 2024, as net sales fell 3.3% year over year to $980 million. During the third quarter, Visteon claimed to have outperformed customer vehicle production by 6%, driven by strong demand for digital cockpit and electrification products. The company reported a gross margin of $131 million compared with $143 million during the same period in 2023 and income before income taxes of $5...
    News
    Forvia’s Q3 sales declines 2.6% year over year to €6.36 billion
    Forvia has reported 2.6% year-over-year decline in sales to €6.36 billion in the third quarter ended Sept. 30, 2024, the company said in a press release on Oct. 21. Organic sales fell by 0.4% year over year, which was 4.2% less than the decline in global light vehicle production during the quarter. “In the third quarter, we continued to post a robust organic sales outperformance of 420 basis points [versus] a worldwide automotive production that was down 4.6% year-on-year. This outperform...
    News
    Autoliv reports 1.6% year-over-year decline in Q3 net sales to $2.56 billion
    Autoliv has reported a 1.6% year-over-year decline in net sales to $2.56 billion in the third quarter ended Sept. 30, 2024, the Sweden-based company said in a press release on Oct. 18. The company’s organic sales dropped by 0.8% during the quarter against a 4.8% decline in global light-vehicle production, according to S&P Global data.  Lower sales impacted Autoliv’s operating income, which dropped 2.4% year over year to $226 million, resulting in an operating margin of 8.9%. Adju...
    News
    PPG Q3 2024 net sales drops 1% year over year to $4.57 billion
    PPG Industries has reported its financial results for the third quarter ended Sept. 30, 2024. The company recorded a 1% year-over-year decline in net sales to $4.57 billion. Despite a marginal decline in net sales, PPG recorded income before income taxes of $611 million, an increase of 9.7% year over year, while net income increased by 10% year over year to $468 million. Sales in the company’s Performance Coating business increased marginally by 1.4% year over year to $2.9 billion. The Perf...
    News
    Chinese robo-taxi firm Pony AI files for US IPO
    China-based autonomous driving company Pony AI, backed by Toyota, has filed for an initial public offering (IPO) in the US, marking another indication of growing investor interest in new listings and easing regulatory pressures. The recent uptick in IPO activity follows the US Federal Reserve's policy-easing cycle and strong performance of benchmark indexes, which are trading near record highs, according to a report published by Reuters on Oct. 17. Pony AI, in which Toyota holds a 13.4% ...
    News
    ZF revises full-year financial outlook for 2024
    ZF Group has revised its financial outlook for the current financial year ending Dec. 31, 2024, the Germany-based auto component supplier said in a press release on Sept. 27. Under the revised forecast, the company expects group sales between €40 billion and €42 billion compared to €42.5 billion and €43.5 billion earlier. Less-than-expected growth in sales is expected to hurt ZF’s earnings and cash flow. The company expects adjusted earnings before interest and taxes (EBIT) to be be...
    News
    Forvia adjusts full-year financial guidance for 2024
    Forvia has adjusted its financial outlook for 2024 based on recent market challenges, including uncertainty in the European automotive market, high car inventories in North America, and risks of labor disruptions at original equipment manufacturers. Under revised forecasts, the company expects full-year sales between €26.8 billion and €27.2 billion. The company expects operating margin to be between 5% and 5.3% of sales and net cash flow to be higher than or at least €500 million. In 2023,...
    News
    BMW adjusts 2024 outlook due to brake system issue that impacts about 1.5 million vehicles globally
    BMW has revised its financial outlook for the 2024 fiscal year, attributing the change primarily to unforeseen challenges within its Automotive Segment, the Germany-based automaker said in a press release on Sept. 10. One significant factor is a series of delivery stops and technical measures associated with the Integrated Braking System (IBS) provided by a supplier, which affected global sales negatively in the second half of the year. This issue impacts over 1.5 million vehicles and will incur...
    News
    NVIDIA reports record $30 billion quarterly revenue, driven by data center growth
    As reported in a press release Aug. 28, NVIDIA has reported second-quarter 2025 revenue of $30 billion for the second quarter ended July 28, marking a 15% increase from the previous quarter and a 122% rise from the same period last year. Second-quarter automotive revenue was $346 million, up 5% from the previous quarter and up 37% from a year ago. NVIDIA’s outlook for the third quarter of fiscal 2025 revenue is expected to be $32.5 billion, plus or minus 2%. “Hopper demand remai...
    News
    Synopsys reports Q3 2024 revenue at $1.53 billion, up 13% YOY
    In a press release on Aug. 21, Synopsys reported its third-quarter fiscal year 2024 revenue at $1.526 billion, compared to $1.354 billion for the third quarter of fiscal year 2023, marking a 13% increase year over year. This growth was attributed to the company's strategic execution and business momentum, with expectations for a record full-year revenue increase of approximately 15%. "Our strong third quarter results and expectations for a record year continue to demonstrate th...
    News
    Samvardhana Motherson’s Q1 net profit up 65.4% year over year to $119.2 million
    India’s leading automotive supplier Samvardhana Motherson International Ltd. (SMIL) has reported a 65.4% year-over-year increase in net profit to 9.9 billion rupees (about $119.2 million) in the first quarter ended June 30, 2024, the company said in a press release on Aug. 13. The strong growth in net profit was driven by a 28.5% year-over-year increase in total income, which includes total revenue from operations and other income, to 289.4 billion rupees. SMIL recorded 58.9% year-over-year gr...
    News
    Nexteer Automotive’s H1 net income declines 52.9% year over year to $16 million
    Nexteer Automotive has reported a 52.9% year-over-year decline in net income to $16 million in the first half of the current financial year ended June 30, 2024, the company said in a press release on Aug. 14. Revenue dropped slightly by 0.1% year over year to $2.1 billion. Despite stagnant revenue, Nexteer recorded a 5.9% year-over-year growth in EBITDA to $197 million. In the first six months of 2024, Nexteer booked new business worth $2.1 billion, 26% of which was from new products. Du...
    News
    Grammer’s H1 revenue drops 5% year over year to €1.1 billion
    The Grammer Group has reported a 5% year-over-year decline in revenue to €1.1 billion in the first half of the current financial year ending June 30, 2024, the Germany-based automotive supplier said in a press release on Aug. 14. The company witnessed a 12.3% year-over-year drop in revenue in Europe to €561.1 million, which offset the revenue increase in the Asia-Pacific region by 3.3% year over year to €254.2 million, and in the Americas by 2.9% year over year to €327.1 million. In t...
    News
    Yokohama Rubber’s H1 net profit rises 68.3% year over year to $289.5 million
    Yokohama Rubber has reported 68.3% year-over-year increase in net profit to ¥46.6 billion (about $289.5 million) in the first half of the current financial year ended June 30, 2024, the company said in a press release on Aug. 9. The company’s operating profit nearly doubled to ¥56.2 billion compared with ¥28.2 billion in the first six months of 2023. Yokohama Rubber recorded strong growth in earnings driven by an 18.5% year-over-year increase in sales revenue to ¥525.3 billion. Sales in...
    News
    Toyo Tires reports 44.2% year-over-year growth in H1 net profit to $261 million
    Toyo Tires has reported a 44.2% year-over-year increase in net profit to Â¥42 billion (about $261 million) in the first half of the current financial year ended June 30, 2024, the company said in a press release on Aug. 9. Net sales increased 3% year over year to Â¥273.5 billion. The Japanese tiremaker recorded operating income of Â¥47.6 billion, a year-over-year increase of 78.3%, which drove operating margin to 17.4% compared with 10% a year earlier. Sales in the company’s Tires busi...
    News
    Uber emphasizes growth in autonomous vehicle sector
    Uber presented its second-quarter results, emphasizing the growth in its autonomous vehicle efforts amid the backdrop of Tesla's upcoming robo-taxi reveal. The company reported a sixfold increase in trips made by autonomous vehicles compared to the previous year, although it did not provide specific figures. This focus on autonomous vehicles comes as Uber aims to reassure investors in the face of potential competition from Tesla, with Tesla CEO Elon Musk outlining a vision for a robo-taxi n...
    News
    Diodes reports Q2 2024 revenue at $319.8 million, down 32% YOY
    In a press release on Aug. 8, Diodes reported second-quarter 2024 revenue of $319.8 million, compared to $302 million in the first quarter of 2024 and $467.2 million in the second quarter of 2023, down 32% year over year for the second quarter ended June 30, 2024. The report highlighted a quarter-over-quarter revenue increase to $319.8 million from $302.0 million in the first quarter of 2024, although this was down from $467.2 million in the second quarter of 2023. The company ...
    News
    Bridgestone’s H1 net income rises 8.6% year over year to $1.2 billion
    Bridgestone has reported an 8.6% year-over-year increase in net profit to ¥199.1 billion (about $1.2 billion) in the first half of the current financial year ended June 30, 2024, the Japanese tiremaker said in a press release. Revenue increased 3.6% year over year to ¥2.2 trillion. Bridgestone also recorded an 11.9% year-over-year growth in operating profit to ¥280.4 billion. However, the company’s adjusted operating profit declined 3.8% year over year to ¥229.2 billion. Bridgestone has...
    News
    AAM’s Q2 net income more than doubles to $18.2 million
    American Axle & Manufacturing (AAM) has announced that its net income more than doubled to $18.2 million in the second quarter ended June 30, 2024, compared with $8 million during the same period in 2023, according to the company’s press release on Aug. 9. Operating income increased 49.6% year over year to $86.5 million. The US-based supplier recorded strong growth in earnings as net sales increased 3.9% year over year to $1.6 billion. Sales in AAM’s Driveline business increased ...
    News
    Hankook Tire reports Q2 2024 net sales at 1.69 trillion won, down 1.8% YOY
    According to a report published on Aug. 8, Hankook Tire reported its second-quarter 2024 net sales at 2.31 trillion won ($1.69 billion), an increase of 2.4% year over year, compared to net sales of 2.26 trillionSouth Korean Won in the second quarter of 2023. In the second quarter, high-inch tires, measuring at least 18 inches, comprised 46.3% of all passenger car and light truck (PCLT) tire sales, representing a year-over-year increase of 2.8 percentage points. High-inch passenger tires ...
    News
    Kongsberg Automotive's Q2 revenue declines 6.8% year over year to €209.3 million
    Kongsberg Automotive has reported a 6.8% year-over-year decline in revenue to €209.3 million in the second quarter ended June 30, 2024, the company said in a press release. Despite lower revenue, the company recorded a recovery in its earnings before interest and taxes to €6.4 million against an EBIT loss of €12.5 million during the same period in 2023. Kongsberg Automotive’s net profit turned positive to €3.7 million, reversing a net loss of €21.7 million a year earlier. “...
    News
    Linamar's Q2 sales rises 11.6% year over year to $2.8 billion
    Linamar has reported an 11.6% year-over-year increase in sales to $2.85 billion in the second quarter ended June 30, 2024, the company said in a press release on Aug. 8. Higher sales helped the company record a 26.8% year-over-year increase in operating earnings to $271.5 million and a 29% year-over-year growth in net income to $174.1 million. In the first six months of 2024, Linamar reported a 15% year-over-year growth in sales to $5.6 billion. The company recorded operating earnings of $540...
    News
    Ichikoh reports 45.2% year-over-year drop in H1 net income to $8.6 million
    Ichikoh Industries has reported a 45.2% year-over-year decline in net income to ¥1.4 billion (about $8.6 million) in the first half of the current financial year ended June 30, 2024, the company said in a press release on Aug. 8. Operating income dropped 53.4% year over year to ¥1.7 billion. The Japan-based automotive lighting supplier recorded lower earnings as net sales decreased 17.9% year over year to ¥62.2 billion. The company has revised its outlook for the current financial year end...
    News
    Continental’s Q2 net income rises 46.2% year over year to €305 million
    Continental has reported a 46.2% year-over-year increase in net income to €305 million in the second quarter ended June 30, 2024, according to a press release by the Germany-based supplier on Aug. 7. Sales dropped 4.1% year over year to €10 billion. Despite lower sales, the company recorded adjusted earnings before interest and taxes of €704 million, up 40.6% year over year, resulting in an adjusted EBIT margin of 7% compared to 4.8% during the second quarter of 2023. Sales declined in ...
    News
    Intel's gloomy forecast may worry automakers amid microchip crisis
    Intel Corp. experienced a significant downturn, with its shares plummeting over 26% in response to a dismal growth forecast and a major job cut announcement, marking its sharpest decline since at least 1982, and eroding about $32 billion in market value, as reported by Automotive News on Aug. 2. The chipmaker, grappling with challenges in adapting to the AI era, disclosed plans to eliminate more than 15% of its workforce, which totals approximately 110,000 employees, alongside suspending divi...
    Briefing
    GlobalFoundries reports Q2 2023 revenue at $1.63 billion, down 12% YOY
    According to a press release on Aug. 6, GlobalFoundries Inc. (GF) reported its second-quarter 2024 revenue of $1.63 billion, down 12% year over year compared to $1.84 billion in the second quarter of 2023, for the fiscal year ended June 30, 2024. The company reported net income of $155 million. “In the second quarter, GF delivered financial results that exceeded the mid-point of the guidance ranges we provided in our May earnings release, thanks to the dedication of our employees ...
    News
    Adient reports net loss of $11 million in Q3 FY 2023/24 amid lower revenue
    Adient has reported a net loss of $11 million in the third quarter ended June 30, 2024, against net income of $73 million during the same period a year earlier, the company said in a press release on Aug. 6. Earnings before interest and tax declined 45.7% year over year to $94 million, resulting in an EBIT margin of 2.5% compared with 4.3% a year earlier. Adient recorded a sharp drop in earnings as consolidated revenue fell 8.4% year over year to $3.7 billion. However, Adient recorded an improve...
    News
    Goodyear reports strong recovery in Q2 earnings despite lower sales
    Goodyear Tire & Rubber has released its financial results for the second quarter of 2024, revealing a net income of $85 million compared to a net loss of $208 million a year earlier. The company recorded income before income taxes of $140 million against a loss before income taxes of $210 million realized in the second quarter of 2023. Goodyear reported improved earnings despite experiencing a 6% year-over-year drop in net sales to $4.6 billion. The company reported segment operating inco...
    News
    Aptiv Q2 revenue declines 3% year over year to $5.1 billion
    Aptiv has reported a 3% year-over-year decline in revenue to $5.1 billion in the second quarter ending June 30, 2024, the company said in a press release. Adjusted for currency exchange and commodity movements, revenue declined 2% during the quarter. The company reported a 3% year-over-year drop in revenue in North America, while in Europe and South America, revenue declined by 2% and 13%, respectively. Lower revenue in these key regions was partially offset by stable growth in Asia, whi...
    News
    Gestamp's H1 revenue drops 2.1% year over year to €6.1 billion
    Gestamp has reported 2.1% year-over-year decline in revenue to €6.1 billion in the first half of the current financial year ended June 30, 2024, the company said in a press release on July 29. Lower revenue impacted the Spain-based supplier’s earnings, with the company witnessing 8.3% year-over-year decline in EBITDA to €642 million and 21.7% year-over-year drop in earnings before interest and taxes (EBIT) to €285 million. Net income decreased 34.6% year over year to €106 million....
    News
    Toyota Boshoku’s Q1 net income drops 30.5% year over year to $54 million
    Toyota Boshoku has reported a 30.5% year-over-year decline in net income to ¥8.7 billion (about $54 million) in the first quarter ended June 30, 2024, the company said in a press release on July 31. Revenue increased 2.6% year over year to ¥488 billion. Despite higher revenue, Toyota Boshoku recorded a 24.7% year-over-year decline in operating profit to ¥16.7 billion. The company witnessed a 2.1% year-over-year decline in revenue in Japan to ¥224.2 billion. However, revenue increased in N...
    News
    Magna reports Q2 2024 net sales at $11 billion, level with Q2 2023
    In a press release on Aug. 2, Magna International reported second-quarter 2024 net sales at $11 billion, which were level with the second quarter of 2023, despite a 2% increase in global light-vehicle production, ending on June 30. Adjusted earnings before interest and tax was $577 million in the second quarter of 2024 compared to $616 million in the second quarter of 2023. The decrease in adjusted EBIT reflects reduced earnings on lower assembly volumes in Complete Vehicles, h...
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    Mobileye reports Q2 2024 revenue of $439 million, down 3% YOY
    According to a press release on Aug. 1, Mobileye reported a 3% year-over-year decrease in revenue to $439 million for the second quarter of 2024, attributing the decline to a 10% decrease in EyeQ system-on-chip (SoC)-related revenue, largely due to the use of excess inventory by tier 1 customers. However, there was an 84% increase in revenue compared to the first quarter of 2024, mainly because of reduced inventory consumption by tier 1 customers and a more than 110% increase in the numb...
    Briefing
    Sensata Technologies reports Q2 2024 revenue at $1.03 billion, down 2.5% YOY
    According to a press release on July 29, Sensata Technologies reported second-quarter 2024 revenue at $1.03 billion, compared to $1.06 billion in the second quarter of 2023, a decrease of 2.5% year over year. The company's operating income was $129.9 million, or 12.5% of revenue, an increase of $11.9 million, or 10.1%, compared to operating income of $118.0 million, or 11.1% of revenue, in the second quarter of 2023. The Automotive revenue accounted for 55.6% of the total revenue. â...
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    Webasto sales rises 7% year over year to €4.6 billion in 2023
    The Webasto Group reported a 7% year-over-year increase in sales to €4.6 billion in the financial year ended Dec. 31, 2023, the company said in a press release on July 29. Of this total, the highest €3.7 billion, equivalent to 80% of the total, came from the Roof System business area. Webasto generated the other €900 million from the Electrification business area that comprises battery systems, heating and cooling solutions, and thermos management solutions. The company recorded robust gro...
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    Denso reports Q1 2025 revenue at $10.9 billion, up 2.4% YOY
    In a press release on July 31, Denso has reported first-quarter consolidated revenue of Â¥1,753.8 billion (about $10.9 billion), for its 2025 fiscal year, ending March 31, 2025, marking a 2.4% rise from the previous year. Its consolidated operating profit surged by 27.7% to reach Â¥120.6 billion, and the consolidated profit attributable to owners of the parent company increased by 10.5% to Â¥94.5 billion. According to Yasushi Matsui, Denso's CFO, the revenue hike in the first quarter was...
    Briefing
    STMicroelectronics reports Q2 2024 revenue at $3.23 billion, down 25.3% YOY
    According to a press release on July 25, STMicroelectronics (ST) has reported its net revenue at $3.23 billion, a decrease of 25.3% year over year, compared to $4.32 billion in the second quarter of 2023. Gross profit totaled $1.30 billion, representing a year-over-year decrease of 38.9%. The company's gross margin of 40.1%, in line with the midpoint of ST’s guidance, decreased 890 basis points year over year, mainly due to the combination of product mix and sales price, and hig...
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    Texas Instruments reports Q2 2024 revenue at $3.82 billion, down 16% YOY
    In a press release on July 23, Texas Instruments (TI) reported second-quarter 2024 revenue of $3.82 billion, a decrease of 16% compared to $4.53 billion in the second quarter of 2023. TI also reported a net income of $1.13 billion and an earnings per share (EPS) of $1.22, which includes a 5-cent benefit from items not included in the original guidance. The company, under the leadership of President and CEO Haviv Ilan, also highlighted the importance of free cash flow — a non-gener...
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    Antolin's H1 sales declines 10% year over year to €2.2 billion
    Antolin has reported a 10% year-over-year decline in sales to €2.2 billion in the first half of the current financial year ended June 30, 2024, the company said in a press release. Adjusted for exchange rates and considering the divestment of the Ebergassing plant in Austria, the revenue still fell by 5%. In Europe and the rest of the world, sales dropped by 11% year over year to €1.1 billion, but only by 3% when adjusting for the sale of the Ebergassing plant. Asia saw a 2% year-over-yea...
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    Forvia's H1 sales declines marginally to €13.5 billion
    Forvia Group has reported 0.6% year-over-year decline in sales to €13.5 billion in the first six months of 2024, the company said in a press release. Organic sales, adjusted for consolidation scope and currency fluctuations, improved 2.7% during the period when global vehicle production dropped 0.2% to 43.6 million. The France-based automotive supplier recorded adjusted EBITDA of €1.63 billion, up 1.3% year over year, and operating income of €799 million, up 3.8% over the same peri...
    News
    Onsemi reports Q2 2024 revenue at $1.73 billion, down 17% YOY
    According to a press release on July 29, Onsemi has reported second-quarter 2024 revenue at $1,735.2 million, down 17% year over year compared to $2,094.4 million in the second quarter of 2023. The company reported a generally accepted accounting principles operating margin of 22.4% and a higher non-GAAP operating margin of 27.5%. Earnings per share figures were also shared, with GAAP diluted earnings per share at $0.78 and non-GAAP diluted earnings per share at $0.96. An impressive re...
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    Gentex reports Q2 2024 net sales at $572.9 million, down 1.81% YOY
    Gentex Corp., a supplier of various automotive and fire-protection technologies, reported a decline in net sales to $572.9 million from $583.5 million in the same period the previous year, down 1.81% year over year. This decrease coincided with a 3% drop in light-vehicle production across North America, Europe and Asia, affecting Gentex's expected revenue and shipments, particularly in June.  "During the second quarter of 2024, light vehicle production weakened in most of our primar...
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    Indian auto component industry’s turnover rises 9.8% year over year to $74.2 billion in FY 2023/24
    The Automotive Component Manufacturers Association of India (ACMA) has released the findings of its Industry Performance Review for the financial year 2023/24, ended March 31, 2024. According to the association, which represents more than 900 auto parts suppliers, the turnover of the industry increased 9.8% year over year to 6.1 trillion rupees (about $74.2 billion). The domestic market's component supply to original equipment manufacturers grew by 8.9%, totaling 5.18 trillion rupees. Exports...
    News
    Lear reports moderate growth in Q2 earnings on stable sales
    Lear’s net income increased 2.6% year over year to $173.1 million in the second quarter ended June 30, 2024, the US-based supplier said in a press release on July 25. The company reported sales of $6 billion, almost the same level realized a year ago. Lear recorded core operating earnings of $302.2 million compared with $301.8 million in the second quarter of 2023. Furthermore, Lear generated $291 million in net cash from operating activities and $170 million in free cash flow. Lear introdu...
    News
    NXP reports Q2 2024 revenue at $3.13 billion, down 5% YOY
    In a press release on July 22, NXP reported second-quarter 2024 revenue of $3.13 billion, a decrease of 5% year over year for the second quarter ending June 30, 2024. The company's automotive revenue for the second quarter was reported at $1.72 billion, compared to $1.86 billion in the second quarter of 2023, down 7% year over year.  The financial metrics highlighted include a generally accepted accounting principles gross margin of 57.3%, a GAAP operating margin of 2...
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    Solus Advanced Materials reports strong growth in electric vehicle battery copper foil business in North America
    Solus Advanced Materials, a South Korea-based company specializing in the manufacture of copper foil for secondary batteries, has demonstrated significant growth in its electric vehicle battery copper foil business, particularly in the North American market, the company said in a press release June 28. From January to May, sales of Souls' battery copper foil to North American customers surged to 5.8 times over the same period in 2023. As a result, monthly shipments from the company’s Hungar...
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    Topy Industries FY 2023–24 net profit rises 26% year over year to $31 million
    Topy Industries has reported a 26% year-over-year increase in net profit to ¥4.7 billion (about $31 million) in the financial year ended March 31, 2024, the company said in a press release. Operating profit increased 45.5% year over year to ¥10.4 billion, resulting in an operating profit margin of 3.1%, compared with 2.1% in the previous financial year. Topy Industries recorded strong growth in profit despite net sales declining marginally to ¥334 billion. Net sales in the Automotive and I...
    News
    Voestalpine reports lower earnings in FY 2023–24 as revenue declines 8.5% year over year to €16.7 billion
    Austria-based automotive supplier Voestalpine has reported an 82.4% year-over-year decline in profit after tax to €207.1 million in the financial year ended March 31, 2024, the company said in a press release on June 5. The company also witnessed a 34.5% year-over-year decline in EBITDA to €1.7 billion and a 64.9% year-over-year decline in earnings before interest and tax to €569.3 million. Voestalpine recorded a sharp decline in earnings during the financial year as revenue declined ...
    News
    Stanley Electric’s FY 2023-24 net sales rises 7.5% year over year to $3.1 billion
    Stanley Electric has reported a 7.5% year-over-year increase in net sales to ¥472.4 billion ($3.1 billion) in the financial year ended March 31, the Japan-based automotive lighting supplier said in a press release June 6. Despite growth in sales, the company witnessed a 2.4% year-over-year decline in operating income to ¥35.8 billion. Net income remained stable at ¥26.5 billion as reported in the previous financial year. Sales in the automotive equipment business increased 9.5% year over y...
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    Antolin reports higher operating profit despite decline in sales in first quarter 2024
    Antolin has reported higher operating profit in the first quarter ended March 31, 2024, despite sales declining 10% year over year to €1.2 billion, the Spain-based automotive interior systems supplier said in a press release on May 30. EBITDA increased 20% year over year to €83 million, which resulted in a 2 percentage points gain in EBITDA margin to 8%. Operating profit (EBIT) more than doubled to €23 million. The company attributed the decline in sales to a lower global light-vehicle ...
    News
    Lumax Industries’ consolidated net profit rises 6.8% year over year to $13.3 million in FY 2023-24
    Lumax Industries Ltd. has reported 6.8% year-over-year increase in its consolidated net profit after tax to 1.1 billion Indian rupees ($13.3 million) in the financial year ended March 31, the Indian automotive lighting supplier said in a regulatory filing May 24. Total revenue increased 13.4% year over year to 26.5 billion rupees. The company recorded 6.7% year-over-year increase in profit before taxes to 1.6 billion rupees.   In the fourth quarter of financial year 2023-24, Lumax report...
    News
    Samvardhana Motherson’s revenue rises 25% year over year to $11.8 billion in FY 2023–24
    Samvardhana Motherson International Ltd. (SMIL), formerly known as Motherson Sumi Systems Ltd., has reported a 25% year-over-year increase in revenue to 986.9 billion rupees (about $11.8 billion) in the financial year ended March 31, 2024, the leading auto-components supplier from India said in a press release on May 29. Higher revenue helped the company to record a 46% year-over-year growth in EBITDA of 93.2 billion rupees. The company concluded the financial year with 82% year-over-y...
    News
    TS Tech’s FY 2023–24 net income rises 91.2% to $67.5 million on higher revenue
    TS Tech has reported a 91.2% year-over-year increase in net income, attributable to the owners of the parent company, to ¥10.2 billion (about $67.5 million) in the financial year ended March 31, 2024, the company said in a press release. Revenue increased 7.9% year over year to ¥441.7 billion. Higher revenue helped the Japanese seat supplier to record a 14.7% year-over-year growth in operating income to ¥17.5 billion. Sales in the Automobiles segment increased 7.5% year over year to ¥411....
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    Uno Minda’s FY 2023–24 profit after tax rises 34.9% to $105.6 million
    Uno Minda reported a 34.9% year-over-year growth in profit after tax, attributable to the owners of the company, to 8.8 billion rupees (about $105.6 million), according to a regulatory filing by the Indian automotive supplier group last week. Total revenue increased 24.6% year over year to 140.6 billion rupees. The company also recorded a 33.8% increase in profit before tax to 11.9 billion rupees. In the fourth quarter, Uno Minda reported total revenue of 38 billion rupees, up 30.8%. The...
    News
    Tachi-S' net profit declines 6.9% to $35.8 million in FY 2023–24 despite higher sales
    Tachi-S reported a 6.9% year-over-year decline in net profit to ¥5.4 billion (about $35.8 million) for the financial year ended March 31, 2024, the company said in a press release. The Japanese supplier recorded a decline in net profit despite a 20.3% year-over-year increase in net sales to ¥292.9 billion. Higher net sales helped Tachi-S record more than a fourfold increase in operating profit to ¥7.2 billion. The company recorded higher sales in Japan, North America, Latin America, and So...
    News
    Toyoda Gosei FY 2023–24 net profit triples to $339.9 million on higher revenue
    Toyoda Gosei’s net profit tripled to Â¥51.4 billion ($339.9 million) in the financial year ended March 31, 2024, as revenue increased 12.5% year over year to Â¥1.1 trillion, the Japanese supplier said in a press release. The company attributed higher revenue to increased vehicle production by its customers in Japan and Americas. Higher revenue also helped Toyoda Gosei to record 93.1% year-over-year operating profit to Â¥67.7 billion.  “We were able to keep up with the increase in pro...
    News
    Koito’s net profit in FY 2023-24 rises 37.8% to $270 million
    Koito Manufacturing has reported 37.8% year-over-year increase in net profit to ¥40.9 billion ($270 million), the Japanese based automotive lighting supplier said in a press release. Net sales increased 9.9% year over year to ¥950.3 billion. Higher sales helped Koito record 19.5% year-over-year growth in operating income of ¥60 billion. Sales increased in Japan by 12.7% year over year to ¥361.7 billion, driven by an increase in vehicle production following easing of the semiconductor shor...
    News
    Modine reports FY 2023–24 net sales at $2.4 billion, up 5% YOY
    Modine, a diversified global leader in thermal management technology and solutions, has reported total net sales of $2.4 billion for full financial year 2023–24, recording year-over-year growth of 5%, on increased demand for its products under climate solutions and performance technologies divisions, the company announced on May 21. Modine’s fiscal year 2023–24 operating income stood at $240.7 million, up a significant 60% year over year, and the company’s adjusted EBIDTA was at ...
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    Aisin’s net profit more than doubles to $600 million in FY 2023/24
    Aisin’s net profit more than doubled to ¥90.8 billion (about $600 million) in the financial year ended March 31, 2024, the Japanese supplier said in a press release. Revenue surged 11.5% year over year to ¥4.9 trillion, driven by higher vehicle production in Japan and the US, as well as an increase in sales of electrification solutions. Higher revenue also helped the Toyota group supplier to report operating profit of ¥143.3 billion, more than double over ¥57.9 billion a year earlier. T...
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    Toyota Boshoku’s FY2023/24 net profit more than tripled to $381.8 million on higher revenue
    Toyota Boshoku’s net profit more than tripled to ¥57.8 billion ($381.8 million) in the financial year ended March 31, the company said in a press release April 26. Operating income also increased by 65% year over year to ¥78.6 billion. Toyota Boshoku recorded strong growth in profit thanks to 21.8% year-over-year growth in revenue to ¥1.95 trillion. The company attributed higher revenue to increase in seat production which grew 9.4% year over year to 8.57 million units. The company recor...
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    NHK Spring’s FY 2023-24 net income rises sixfold to $270.8 million
    NHK Spring has reported a sixfold increase in net income in the financial year ended March 31, the company said in a press release May 15. The company attributed strong growth in net income to higher net sales which increased 10.6% year over year to Â¥766.9 billion. Operating income also increased 20.2% year over year to Â¥34.6 billion.     The Japanese supplier produces a diverse range of components and systems for the automotive industry. This includes suspension springs, pow...
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    MapmyIndia reports strong double-digit growth in fiscal year 2024
    MapmyIndia, a leading provider of deep-technology, digital maps, geospatial software and location-based internet of things products and services, has announced its financial results for fiscal year 2024, registering strong double-digit growth in new-order acquisition in both the domestic market and internationally.  The company achieved 4.17 billion rupees (about $50 million) in full-year revenue, representing a 32% year-over-year growth over the previous year's ...
    Briefing
    Elmos posts Q1 sales of $147.3 million, up 4.5%
    Elmos Semiconductor has reported a 4.5% year-over-year sales growth in the first quarter of fiscal 2024 at €136.8 million, according to a company press release on May 7. Earnings before interests and taxes improved by 6.4% to €33.8 million. The EBIT margin rose to 24.7% from 24.3% last year. “The successful start to 2024 forms a solid foundation for further business development. Despite ongoing geopolitical and economic uncertainties as well as temporary inventory adjustments following ...
    News
    Diodes reports Q1 2024 revenue at $302 million, down 35% YOY
    In a press release on May 9, Diodes has reported its revenue at $302.0 million for the first quarter ended March 31, 2024, compared to $322.7 million in the fourth quarter of 2023 and $467.2 million in the first quarter of 2023. Generally accepted accounting principles net income was $14.0 million, compared to $25.3 million in the fourth quarter of 2023 and $71.2 million in the first quarter of 2023.  EBITDA was $48.3 million, or 16.0% of revenue, compared to $58.4 million...
    News
    Panasonic’s FY 2024 revenue up 1.4% YOY to $54.67 billion
    Panasonic Holdings Corp. (Panasonic) has reported a 1.4% year-over-year rise in sales to ¥8.50 trillion (about $54.67 billion) for fiscal 2024, according to a company press release on May 9. Net profit came in at ¥444 billion compared to ¥265.50 billion a year earlier. Segment wise, Automotive sales increased by 15% to ¥1.49 trillion, due to the gradual recovery of automobile production and the effect of currency translation. Sales from its Energy business fell to ¥915.9 billion from ¥9...
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    Cerence reports about 1% fall in Q2 revenue to $67.8 million
    Cerence has released its second-quarter fiscal year 2024 results, reporting revenue above the high end of its guidance range owing to original equipment manufacturer-related adjustments, according to a press release dated May 9. Revenue came in at $67.8 million from $68.4 million while net loss widened to $278 million from a loss of $26.1 million.  “After receiving Q1 royalty reports and noticing some downward trends, we commenced a deep account-by-account review of our backlog, which ...
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    SKF's net profit jumps 420.5% in Q4 FY'24, driven by operational improvements and productivity enhancement
    SKF, a major player in the auto bearing space, reported a consolidated net profit of 1.75 billion rupees (about $20.9 million) during the fourth quarter of fiscal year 2024. The company's revenue also increased by 11.1% to 12.38 billion rupees in the fourth quarter of fiscal year 2024 compared to the previous year. The growth was attributed to the company's focus on operational improvements and productivity enhancement. Mukund Vasudevan, managing director of SKF India Ltd., said that des...
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    Kongsberg Automotive reports improved Q1 FY 2024 results
    Kongsberg Automotive ASA (KA) has released its first-quarter 2024 results, showing improved operating profitability despite a slight decrease in revenue. The company reported earnings before interest and tax of €10 million, compared to €4 million in the same quarter last year, and a net result after tax of zero euros, compared to a loss €17 million in the first quarter of 2023. New business wins amounted to €450 million, an increase from €198 million in the same quarter last ye...
    News
    Qualcomm reports 1% increase in Q2 revenue to $9.39 billion
    Qualcomm has posted a 1% increase in second-quarter 2024 revenue to $9.39 billion, it said in a press release dated May 1. Earnings before taxes rose 32% to $2.50 billion while net income rose 37% to $2.33 billion. The company operates two segments — Qualcomm CDMA Technologies (QCT) and Qualcomm Technology Licensing (QTL). From its QCT Automotive business, Qualcomm made a revenue of $603 million, an increase of 35% year over year. “We are pleased to report strong quart...
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    GlobalFoundries reports Q1 2024 revenue at $1.5 billion, down 16% YOY
    According to a May 7 press release, GlobalFoundries (GF) has reported first-quarter 2024 revenue at $1.5 billion, a decrease of 16% year over year compared with fiscal year 2023. The company reported net income of $134 million and adjusted EBITDA of $577 million for the quarter.  Recent business highlights include: As part of the US CHIPS and Science Act, the US Commerce Department announced $1.5 billion in planned direct funding for GF’s New York, US, an...
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    Visteon reports first-quarter net sales of $933 million, outperforming customer vehicle production volumes by 2%
    Visteon Corp., a global automotive electronics supplier, reported its first-quarter financial results, highlighting net sales of $933 million, a decline of 1% compared to the same period last year. The company attributed the decrease to lower recoveries due to improved semiconductor supply and a 1% lower customer vehicle production. However, Visteon's sales outperformed customer vehicle production volumes by 2%, driven by the ramp-up of recent product launches and continued growth in electrifica...
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    BorgWarner reports net sales of $3.59 billion in Q1 2024, up 6% YOY
    Michigan, US-based global auto component major BorgWarner has reported its first-quarter 2024 net sales at $3.59 billion, recording a growth of 6% over first-quarter 2023 net sales of $3.38 billion, the company said May 2. BorgWarner attributed this year-over-year growth to an increased demand for its products. However, the year-over-year growth was partially offset by the negative impact of foreign currencies, it added. The company’s net earnings for the March quarter stood at...
    Briefing
    Autoliv posts 5% YOY increase in Q1 net sales to $2.62 billion
    Autoliv has reported a 4.9% increase in net sales for the first quarter to $2.62 billion. Operating income rose 52% to $194 million while operating margin was 7.4% in the quarter compared to 5.1% last year. Adjusted operating income improved from $131 million to $199 million. The company outperformed in all regions, mainly due to new product launches and higher prices carried over from last year. "We delivered record first quarter sales, outperforming global LVP growth by 6pp. We outperf...
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    Goodyear reports improved financial performance in Q1 2024
    The Goodyear Tire & Rubber Co. announced its financial results for the first quarter of 2024, highlighting improved performance and progress on its transformation plan. The company reported a net loss of $57 million (20 cents per share) compared to a net loss of $101 million (35 cents per share) in the same period last year. Adjusted net income was $29 million (10 cents per share), compared to an adjusted net loss of $82 million (29 cents per share) in the prior year's quarter. Segment op...
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    Seating suppliers’ strong financial performance in 2023
    Automotive seat suppliers benefitted from strong growth in vehicle production in 2023. According to S&P Global Mobility data, light-vehicle production increased 9.4% year over year to 90 million units, recording the highest annual growth after the COVID-19 pandemic. Apart from the continuing recovery in vehicle demand, most automakers benefited from the easing of supply chain crisis, especially chip shortages which had forced them to adjust their production strategies for more than two years...
    Insights
    Tata Technologies announces multiple large deals, poised for growth in software and automotive services
    Tata Technologies, a provider of product engineering and digital services, announced that it closed a dozen large deals in fiscal year 2024, including a $50 million-plus deal and five deals from the $15 million to $25 million range. The company is currently engaged in several large deal discussions with existing and new customers, and anticipates an uptick in deal conversions in the current quarter. Tata Technologies continues to lead in generative AI and software-defined devices services, as...
    News
    Magna reports Q1 2024 net sales at $11 billion, up 3% YOY
    Leading auto component supplier Magna International Inc. in a press release on May 3 reported a year-over-year increase of 3% in its first-quarter fiscal year 2024 net sales to $11 billion, ending March 31, 2024. The net income was $9 million for the first quarter of 2024 compared to $275 million in the first quarter of 2023. The adjusted earnings before interest and tax increased to $469 million in the first quarter of 2024 compared to $449 million in the first quarter of 2023. The comp...
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    Wolfspeed reports Q3 FY 2024 revenue at $201 million, up 4% YOY
    Wolfspeed has posted revenue of $201 million for the third quarter of 2024, it said in a press release dated May 1. This represented an increase of 4% compared to the third quarter of 2023. Net loss for the quarter came in at $148.9 million, compared to net loss of $99.5 million in the third quarter of 2023. "We are pleased with the significant operational milestones achieved in the quarter for Wolfspeed as we continue to be the world’s first fully, vertically integrated 200-millimeter...
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