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SiC technology — key to BYD's 5-minute EV charging breakthrough
The ability to charge an electric vehicle to a 400-km range in just 5 minutes represents a significant shift in EV technology with advanced semiconductor technology. BYD's Super e Platform achieved this through its newly developed car-grade silicon carbide (SiC) power chips. These chips are rated for 1,500-V operation, essential for supporting the platform's 1,000-V architecture and enabling megawatt-level charging capabilities. While Ron (on-resistance) is a critical factor in evaluating SiC...
Insights
Is BYD’s new platform the technological inflection point EVs need?
The adoption of electric vehicles has not progressed as smoothly as anticipated five years ago. Many have questioned whether the transition to EVs is beneficial, as concerns about their practicality in everyday use persist, despite the advantage of zero tailpipe emissions. According to the S&P Global Mobility consumer survey conducted in 2024, primary concerns include the availability of charging stations, long charging times and the range on a single charge. Nearly half of the respondent...
Insights
Nexteer Automotive's FY 2024 revenue rises 1.6% year over year to $4.3 billion
Nexteer Automotive’s revenue increased 1.6% year over year to $4.3 billion in the financial year ended Dec. 31, 2024, the US-based steering systems supplier said in a press release. After adjustments for foreign currency and commodity recoveries, the revenue saw a 2.5% boost, surpassing market performance by 360 basis points. The company recorded a 10.1% year-over-year increase in revenue in Asia-Pacific to $1.3 billion. This was partially offset by a 2.9% year-over-year decline in revenue ...
News
Kongsberg Automotive’s FY 2024 revenue down 10.9% YOY to €788.2 million
Kongsberg Automotive has reported 10.9% year-over-year decline in revenue to €788.2 million in the financial year ended Dec. 31, 2024. Despite the sharp drop in revenue, the Norway-based company recorded earnings before interest and tax of €18.7 million compared to an EBIT loss of €19.7 million in the previous financial year. Kongsberg Automotive also narrowed its full-year net loss to €18.2 million from €59.1 million in 2023. In the fourth quarter, Kongsberg Automotive’...
News
CATL reports 15% YOY growth in net profit to $7.01 billion in 2024
CATL, a leading Chinese electric vehicle battery manufacturer, reported a 15% year-over-year increase in its net profit to 50.7 billion yuan (about $7.01 billion) for the full year of 2024. The growth is slightly below the company's projected growth of 11.1%-20.1% and marked its slowest profit growth in six years amid a fierce price war in China's EV market. This period also saw CATL experiencing its first annual revenue decline of 9.7% to 362 billion yuan since it began publishing ...
News
OPmobility outperforms market with strong 2024 revenue growth
OPmobility, formerly known as Plastic Omnium, has reported results for the financial year ended Dec. 31, 2024. The company recorded a 2.2% year-over-year increase in economic revenue to €11.6 billion, mainly driven by the Modules and Exterior business segments. Consolidated revenue, which does not include OPmobility’s share of revenue from joint ventures, improved 1.6% year over year to €10.5 billion.    The company’s economic revenue remained stable at 2023 level in Europe ...
Briefing
Stoneridge's FY 2024 net sales declines 6.9% year over year to $908.3 million
Stoneridge has reported a 6.9% year-over-year decline in net sales to $908.3 million in the financial year ended Dec. 31, 2024. Lower sales led the US-based supplier to record an operating loss of $0.4 million against operating income of $12.8 million in the previous financial year. The company also reported higher net loss of $16.5 million compared to net loss of $5.2 million in 2023. Stoneridge reported adjusted EBITDA of $6 million, equivalent to 2.7% of sales. "In 2024, our focus remained...
News
Martinrea’s Q4 FY 2024 sales declines 11.2% year over year to $1.15 billion
Martinrea International, a Canada-based automotive supplier specializing in lightweight structures and propulsion systems, announced its financial results for the fourth quarter and full year ended Dec. 31, 2024. In the fourth quarter, Martinrea reported an 11.2% year-over-year decline in sales to $1.15 billion, which led the company to record a 15.8% year-over-year decline in gross profit to $129 million. Lower sales, along with higher impairment charges of $129.4 million, forced Martinrea t...
News
ElringKlinger's FY 2024 revenue drops 2.4% year over year to €1.8 billion
ElringKlinger, a Germany-based supplier of powertrain, chassis and underbody solutions to the automotive industry, released its preliminary and unaudited financial results for the financial year ended Dec. 31, 2024. The company reported a 2.4% year-over-year decline in revenue to €1.8 billion, which also led to a 27.9% year-over-year drop in EBITDA to €144.4 million and a 7.3% year-over-year decrease in adjusted EBITDA to €197.2 million. ElringKlinger recorded adjusted earnings before inte...
News
Schaeffler’s revenue rises 11.5% year over year to €18.2 billion on consolidation of Vitesco business
The Schaeffler Group has reported an 11.5% year-over-year increase in revenue to €18.2 billion in the financial year ended Dec. 31, 2024. At constant foreign exchange rates, the company’s full-year revenue was up 12.9% year over year. The Germany-based supplier attributed the strong growth in revenue to consolidation of Vitesco Technologies, acquired in 2024. Despite the revenue growth, earnings before interest and tax before special items declined 31.6% year over year to €811 mill...
Briefing
EVgo reports 60% YOY increase in revenue to $256.8 million in 2024
EVgo Inc., a notable electric vehicle charging network, announced its financial results for the fourth quarter ended Dec. 31, 2024, showcasing significant growth and outlining its expectations for 2025. The company reported a fourth-quarter revenue of $67.5 million, marking a 35% increase year over year, and a record annual revenue of $256.8 million for 2024, up 60% from 2023. The net loss showed marginal improvement, decreasing by 3% year over year to $35.6 million in the fourth quarter and ...
News
ChargePoint's revenue falls 18% YOY to $417.5 million in fiscal 2025
ChargePoint, a provider of networked solutions for charging electric vehicles, disclosed its financial results for the fourth quarter and the entire fiscal year of 2025, ended Jan. 31, 2025. The company reported a fourth-quarter revenue of $102 million and a total fiscal-year revenue of $417 million. Despite a decrease in fourth-quarter revenue by 12% from the prior year and an 18% decrease in total annual revenue, ChargePoint saw an increase in subscription revenue and significant reductio...
News
Continental's FY 2024 consolidated sales declines 4.1% year over year to €39.7 billion
Continental has reported a 4.1% year-over-year decline in consolidated sales to €39.7 billion in the financial year ended Dec. 31, 2024. Despite lower sales, the Germany-based supplier recorded 10.3% year-over-year growth in EBITDA to €4.5 billion, equivalent to 11.3% of sales, and 23.4% year-over-year growth in earnings before interest and tax to €2.3 billion, equivalent to 5.8% of sales. Continental concluded the financial year with a 1% year-over-year increase in net income to €1.2 bi...
Briefing
Sogefi reports 1.7% year-over-year decline in FY 2024 revenue to €1 billion
Italian supplier Sogefi reported a 1.7% year-over-year decline in revenue to €1 billion in the financial year ended Dec. 31, 2024. The decline in revenue was in line with a 1.1% year-over-year fall in global light vehicle production during the year. Despite lower revenue, the company recorded a 16.2% year-over-year increase in EBITDA to €125.3 million and a 78.5% year-over-year growth in earnings before interest and tax to €45.7 million. Sogefi concluded the financial year with profit...
News
CIE Automotive’s FY 2024 sales rises 1.1% year over year to €3.96 billion
CIE Automotive’s sales increased 1.1% year over year to €3.96 billion in the financial year ended Dec. 31, 2024. The Spanish supplier recorded growth in sales in a challenging business environment when global vehicle production declined 2% over 2023. The company reported EBITDA of €728 million and earnings before interest and tax of €538 million, reflecting an EBITDA margin and EBIT margin of 18.4% and 13.6%, respectively. CIE Automotive concluded the financial year with a 5% year-over-y...
News
Forvia’s FY 2024 sales drops 1% year over year to €27 billion
Forvia’s sales declined 1% year over year to €27 billion in the financial year ended Dec. 31, 2024, the French supplier said in a press release. Organic sales, at constant scope and currencies, increased 0.4% year over year in a challenging business environment, when global vehicle production fell 1.1% to 89.5 million units. At €1.4 billion, operating income was down 2.7% from €1.4 billion and equivalent to 5.2% of sales compared to 5.3% in 2023. The company concluded the financial ye...
Briefing
Nvidia's self-driving automotive chip sales double
Nvidia experienced a significant surge in its automotive sector sales, doubling in the most recent quarter and reaching a record high, according to a report published by The Economic Times on Feb. 27. This increase was primarily fueled by the robust demand for driver-assist software, leading the revenue from Nvidia's automotive and robotics segment to soar by 103% year over year to $570 million in the fourth quarter of the 2025 fiscal year. As a result, the total revenue for this segment for the...
News
Dana’s FY 2024 sales declines 2.6% year over year to $10.3 billion
Automotive supplier Dana has announced its financial results for the fourth quarter and the full year of 2024. For the full financial year, the company reported a 2.6% year-over-year decline in sales to $10.3 billion. Lower sales impacted Dana’s earnings before interest and taxes, which fell 28.5% year over year to $226 million. The company concluded the financial year with a net loss of $57 million against a net income of $38 million in 2023. However, Dana’s adjusted net income improved to ...
News
Gestamp’s FY 2024 net income drops 33.1% year over year to €188 million on lower revenue
Gestamp, a Spain-based supplier of highly engineered metal components for the automotive sector, announced its financial results for the year 2024. The company reported a 2.2% year-over-year decline in revenue to €12 billion. Lower revenue impacted earnings as Gestamp recorded a 5.6% year-over-year decline in EBITDA to €1.3 billion, translating into an EBITDA margin of 10.8%, while net income fell 33.1% to €188 million. Francisco J. Riberas, chairman of Gestamp, expressed satisfact...
News
Valeo FY 2024 sales up 2.5% year over year to €21.5 billion
Valeo’s sales declined 2.5% year over year to €21.5 billion in the financial year ended Dec. 31, 2024, the French supplier said in a press release. On a like-for-like basis, the company’s sales decreased 0.5%. Original equipment (OE) sales declined 4% year over year to €17.95 billion and was equivalent to 84% of Valeo’s total sales in 2024. At €2.3 billion, aftermarket sales remained stable at the 2023 level and accounted for 11% of the company’s total sales during the fi...
Briefing
Pirelli announces preliminary results for FY 2024; revenue up 1.9% year over year to €6.8 billion
Pirelli has announced its preliminary, unaudited, financial results for the full year of 2024, reporting a 1.9% year-over-year increase in revenue to €6.8 billion. The organic revenue growth was 4.4%, after accounting for a negative foreign exchange impact of 2.5%. A major contributing factor to this growth was a 2.5% improvement in the price mix, aligning with the targeted adjustment. Pirelli's adjusted earnings before interest and tax for the year stood at €1.06 billion, up 5.9% ye...
News
Keysight Technologies reports Q1 2025 revenue at $1.26 billion, up 4% YOY
Keysight Technologies has announced its financial outcomes for the first fiscal quarter ended Jan. 31. The company experienced a positive start to the year, showcasing year-over-year growth in both revenue and orders, as highlighted by Satish Dhanasekaran, Keysight's president and CEO. Dhanasekaran emphasized the company's pivotal role in providing critical technologies for next-generation applications and its strong position to generate long-term value for its stakeholders. For this qua...
News
Cooper-Standard swings to net profit in Q4 FY 2024 despite drop in sales
Cooper-Standard has released its financial results for the fourth quarter and the full year ended Dec. 31, 2024. In the fourth quarter, the company saw a slight decrease in sales by 1.9% year over year to $660.8 million compared to the same period in 2023. Despite the drop in sales, the company recorded operating income of $31.7 million against operating loss of $4.5 million in the fourth quarter of 2023. Cooper-Standard also posted a net income of $40.2 million against a net loss of $55.2 milli...
News
Toyo Tire’s FY 2024 net profit up 3.5% year over year to $475 million
Toyo Tire’s net profit increased 3.5 % year over year to ¥74.8 billion (about $475 million) in the financial year ended Dec. 31, 2024, driven by a 2.3% year-over-year growth in net sales to ¥565.4 billion. Higher sales also helped the Japanese tiremaker to record a 22.2% year-over-year increase in operating income to ¥94 billion. Toyo Tire witnessed a 4.3% year-over-year decline in net sales in Japan to ¥116.9 billion. However, the company recorded strong growth in overseas markets, esp...
News
Bridgestone's FY 2024 net income drops 14% year over year to $1.8 billion despite higher revenue
Bridgestone’s net profit declined 14% year over year to ¥285 billion (about $1.8 billion) in the financial year ended Dec. 31, 2024, the company said in a press release. Revenue increased 2.7% year over year to ¥4.43 trillion. Despite higher revenue, Bridgestone recorded an 8% year-over-year drop in operating profit to ¥443.3 billion and 5% year-over-year decline in profit before tax to ¥421.4 billion. At ¥483.3 billion, adjusted operating income was up 0.6% year over year from ¥480.6 bi...
News
Visteon reports strong financial performance and new business wins
Visteon has reported 2024 full-year net sales of $3.87 billion, down 2.2% from 2023. Gross profit for the full year was $531 million while net income was $274 million or $9.82 per diluted share. Net income declined nearly 44% compared to the prior year due primarily to the non-cash tax benefit. Adjusted EBITDA was a record $474 million and increased $40 million compared to the prior year. The increase primarily reflects the impact of strong operational performance, cost discipline and lower year...
Briefing
Hyundai Mobis FY 2024 net profit rises 46.5% year over year to $2.75 billion on higher sales
Hyundai Mobis reported a 46.5% year-over-year increase in net profit to 4 trillion won (about $2.75 billion) in the financial year ended Dec. 31, 2024. The leading South Korean automotive supplier reported strong growth in net profit driven by a 28.4% year-over-year increase in sales to 52.2 trillion won. Higher sales also helped Hyundai Mobis to achieve a 73.4% year-over-year increase in operating profit to 3.1 trillion won and a 45.6% year-over-year jump in pretax profit to 5.3 trillion won. ...
News
Yokohama Rubber FY 2024 sales revenue up 11.1% year over year to $6.95 billion
Yokohama Rubber reported an 11.1% year-over-year increase in sales revenue to ¥1.1 trillion (about $6.95 billion) in the financial year ended Dec. 31, 2024. Higher sales helped the Japanese supplier to record a 35.6% year-over-year growth in business profit to ¥134.4 billion and an 18.7% year-over-year increase in operating profit to ¥119.2 billion. The company concluded the financial year with an 11.4% year-over-year increase in net profit to ¥74.9 billion. According to Yokohama Rubber, ...
News
American Axle & Manufacturing reports FY 2024 net profit of $35 million amid marginal growth in sales
American Axle & Manufacturing (AAM) reported net income of $35 million in the financial year ended Dec. 31, 2024, compared to net loss of $33.6 million a year earlier. The company recorded a 64.7% year-over-year growth in operating income to $241.4 million, and income before income taxes of $62.8 million against loss before income taxes of $24.5 million in 2023. AAM recorded strong growth in earnings despite marginal growth in net sales of 0.7% year over year to $6.1 billion. Higher net s...
News
Michelin’s FY 2024 net income declines 4.7% year over year to €1.9 billion
Michelin’s net income declined 4.7% year over year to €1.9 billion in the financial year ended Dec. 31, 2024. The company’s net income fell in line with a 4.1% year-over-year decline in net sales to €27.2 billion. Michelin also recorded a 5.4% year-over-year decline in segment operating income to €3.4 billion, resulting in a segment operating margin of 12.4% compared with 12.6% in the previous financial year. At constant exchange rates, sales declined 3.1% year over year. Michelin a...
News
AMS Osram reports FY 2024 revenue at €3.43 billion, down 5% YOY
In a press release on Feb. 11, AMS Osram reported fiscal-year 2024 revenue at €3.43 billion, compared to €3.60 billion in fiscal year 2023, down by 5% year over year, due to a decline in the Lamps & Systems segment after divesting its Digital Systems business in 2023 and discontinuing some original equipment manufacturer module business. Fiscal-year 2024 revenue by segment: Opto Semiconductors (OS): €1,448 million CMOS Sensors & ASICs (CSA): €981 million ...
News
Magna’s FY 2024 net profit declines 16.8% year over year to $1 billion as sales remains stable at $42.8 billion
Magna’s net profit declined 16.8% year over year to $1 billion in the financial year ended Dec. 31, 2024. Sales improved slightly by $39 million to $42.8 billion. The Canadian supplier recorded income from operations before income taxes of $1.5 billion, down 4% year over year from $1.6 billion in the previous financial year. Adjusted earnings before interest and taxes at $2.3 billion was 4% up year over year from $2.2 billion recorded in 2023. The company’s full-year sales benefited from ...
Briefing
Goodyear reports net income of $70 million in FY 2024 despite 5.9% year-over-year decline in net sales
The Goodyear Tire & Rubber Co. has reported a net income of $70 million in the financial year ended Dec. 31, 2024, against a net loss of $689 million a year earlier, despite witnessing a 5.9% year-over-year drop in net sales to $18.9 billion. The company also recorded income before income taxes of $155 million against loss before income taxes of $677 million in 2023. Goodyear recorded segment operating income of $1.3 billion, up $350 million from the previous financial year. The company�...
News
KYB’s nine-month FY 2024/25 net profit declines 16.2% year over year to $58.3 million
KYB has reported a 16.2% year-over-year decline in net profit to ¥9.2 billion (about $58.3 million) in the nine-month period of financial year 2024/25, ended Dec. 31, 2024, the Japan-based supplier of automotive shock absorbers said in a press release. Net sales dropped 1.8% year over year to ¥322.8 billion. Lower sales also impacted KYB’s operating profit, which declined 0.6% year over year to ¥15.3 billion, and profit before taxes, which fell 0.4% year over year to ¥14.7 billion. Net ...
News
AGC FY 2024 net sales declines 2.4% year over year to $13.1 billion
Automotive glazing specialist AGC has reported a 2.4% year-over-year increase in net sales to ¥2.07 trillion (about $13.1 billion) in the financial year ended Dec. 31, 2024. Despite the growth in net sales, the Japanese supplier recorded a 2.3% year-over-year decline in operating profit to ¥125.8 billion. The company concluded the financial year with a net loss of ¥94 billion against a net profit of ¥65.8 billion in the previous financial year. Sales in the Automotive business remained st...
News
Diodes reports FY 2024 revenue at $1.31 billion, down 21% YOY
In a press release on Feb. 11, Diodes Inc. has announced its financial results for the fourth quarter and full year ended Dec. 31, 2024. The company reported fourth-quarter 2024 revenue of $339.3 million, marking a slight decrease from the previous quarter's $350.1 million but exceeding the fourth quarter of 2023's $322.7 million, achieving over 5% growth year over year. The generally accepted accounting principles gross profit was $110.9 million and operating income was $11.9 mil...
News
GlobalFoundries reports FY 2024 revenue at $6.750 billion, down 9% YOY
In a press release on Feb. 11, GlobalFoundries (GF) has announced its preliminary financial outcomes for the fourth quarter and the fiscal year ended Dec. 31, 2024. The company reported fourth-quarter 2024 revenue of $1.830 billion and highlighted several key financial metrics for the fourth quarter, including a gross margin of 24.5% and a net loss of $729 million. For the full year 2024, GF reported revenue of $6.750 billion, down 9% year over year compared to the $7.392 billion re...
News
Onsemi reports FY 2024 revenue at $7.08 billion, down 14.18% YOY
In a press release on Feb. 10, Onsemi disclosed its financial performance for the fourth quarter and the entirety of fiscal year 2024. The company revealed that its fourth-quarter revenue stood at $1,722.5 million. In terms of profitability, the generally accepted accounting principles' operating margin was reported to be 23.7%, with a non-GAAP operating margin slightly higher at 26.7%. The company reported its annual 2024 revenue at $7.08 billion, down 14.18% year over year.  The net incom...
News
Grammer's Q4 FY 2024 revenue drops 13.9% year over year to €449.7 million
Grammer has reported preliminary financial results for the fourth quarter and full year ended Dec. 31, 2024. In the fourth quarter, the Germany-based supplier of seats and interior parts reported a 13.9% year-over-year decline in revenue to €449.7 million. The company’s financial figures for the fourth quarter of 2024 and for the previous year have been adjusted for the discontinued operations of the TMD Group. Lower revenue severely impacted Grammer’s operating earnings before interest...
News
BorgWarner's full-year revenue falls 0.8% YOY to $14.1 billion in 2024
In a press release dated Feb. 6, BorgWarner announced that it has achieved a net revenue of $14.1 billion during full year 2024, which is marginally lower by 0.8% year over year. Net income for the full year stood at $338 million, compared to $695 million reported in 2023. The fourth-quarter financial highlights show a 2.4% year-over-year decrease in US generally accepted accounting principles net sales to $3.4 billion and a net loss of $1.84 per diluted share. Net loss for the fourth qu...
News
Aptiv reports 2024 revenue at $19.7 billion, a decrease of 2% YOY
Aptiv announced its financial results for the fourth quarter and the full year of 2024. In the fourth quarter, Aptiv reported a US generally accepted accounting principles revenue of $4.9 billion, mirroring the revenue from the same period in the previous year. When adjusted for currency exchange and commodity movements, there was a slight decrease of 1% in revenue. The company achieved a US GAAP net income of $268 million with earnings of $1.14 per diluted share and a net income margin of ...
News
Renesas reports 2024 revenue at ¥1,348.5 billion, down 8.24% YOY
According to a press release on Feb. 6, Renesas has reported full-year 2024 revenue at ¥1,348.5 billion (about $8.86 billion) compared to ¥1,469.7 billion, down by 8.24% year over year, for the year ended Dec. 31, 2024. The company reported its 2024 operating profit at ¥397.9 billion, compared to ¥501.6 billion last year, down by 20%. Net profit for the year was reported at ¥360.4 billion. On Nov. 5, 2024, Renesas announced the launch of the new RA8 entry-line microco...
News
Lear’s FY 2024 net income declines 11.5% year over year to $506.6 million amid marginal drop in sales
Lear has reported an 11.5% year-over-year decline in net income to $506.6 million in the financial year ended Dec. 31, 2024, as net sales fell marginally to $23.3 billion. The US-based automotive seating and e-systems supplier recorded consolidated income before income taxes and equity in net income of affiliates of $739.2 million, down 5.7% year over year from $777.2 million in 2023. The company reported a $24 million drop in its core operating earnings to $1.1 billion. The company recorded ...
Briefing
PPG’s FY 2024 net income declines 12.1% year over year to $1.1 billion
PPG has reported a 12.1% year-over-year decline in net income to $1.1 billion as net sales fell 2.4% year over year to $15.8 billion in the financial year ended Dec. 31, 2024. Despite lower sales, the US-based company recorded marginal growth in its income before income taxes to $1.9 billion compared with $1.7 billion in 2023. At $2.9 billion, adjusted EBITDA improved 2.9% year over year from $2.8 billion in 2023, resulting in an adjusted EBITDA margin of 18.1% compared with 17.1% in the...
News
Infineon reports Q1 2025 revenue at €3.424 billion, down 8% YOY
In a press release on Feb. 4, Infineon has reported its first quarter of the fiscal year 2025 revenue at €3.424 billion, compared to €3.70 billion in the first quarter of 2024, with a segment result of €573 million, which translates to a segment result margin of 16.7%. Revenue in the Automotive segment decreased from €2,149 million in the final quarter of the 2024 fiscal year to €1,919 million in the first quarter of the 2025 fiscal year. The 11% decline in revenue was primaril...
Briefing
Bosch faces challenges in key markets, aims for growth by 2030
The Bosch Group's business development has been negatively impacted by slower-than-expected growth in key markets, including electromobility, leading to underutilized capacity and high upfront expenditure for future technologies. Despite these challenges, Bosch aims to be a leading supplier in its business areas by 2030, targeting an average annual growth of 6-8% and a profit margin of at least 7%. The company is looking toward policy reforms in Germany and the EU to enhance competitiveness and ...
News
NXP Semiconductors reports revenue decline in Q4 and full year 2024
NXP Semiconductors NV has announced its financial results for the fourth quarter and the entire year of 2024, ended Dec. 31, 2024. The company experienced a decrease in revenue, with full-year 2024 revenue reaching $12.61 billion, marking a 5% decline from the previous year. Similarly, fourth-quarter revenue also fell by 9% year over year to $3.11 billion. Despite these declines, NXP President and CEO Kurt Sievers highlighted the company's resilience and solid performance throughout 2024, n...
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Hankook Tire reports 5.3% year-over-year increase in FY 2024 sales to $6.4 billion
Hankook Tire has reported a 5.3% year-over-year increase in consolidated sales to 9.4 trillion won (about $6.4 billion) in the financial year ended Dec. 31, 2024. Higher sales helped the South Korean tiremaker to record a 32.7% year-over-year growth in operating profit to 1.8 trillion won, translating into an operating profit margin of 18.7%, compared with 14.9% in the previous financial year. Hankook Tire attributed the strong growth in profit, despite a challenging global automotive bu...
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Wolfspeed reports Q2 2025 revenue at $181 million, down 15% YOY
In a press release announcement on Jan. 29, Wolfspeed reported its second-quarter 2025 consolidated revenue at $181 million, as compared to $208 million, down 15% year over year. “Since stepping into the Executive Chairman role in November, I have been acutely focused on aggressively pursuing our plans to achieve our financial and operational targets. Myself, the Board, and the management team have aligned on an operating plan driven by three key immediate priorities designed to put us...
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DENSO reports Q3 2025 revenue at ¥5,288.4 billion, down 1.2% YoY
As reported in a press release on Jan. 31, 2025, DENSO has reported its third-quarter 2025 revenue at ¥5,288.4 billion (about $33.5 billion), a 1.2% decrease from the previous year ended Dec. 31, 2024, of its fiscal year ending March 31, 2025. The company's operating profit totaled ¥401.6 billion, a 68.3% increase from the previous year. The company reported mixed financial performance in its third-quarter earnings, with a decline in revenue but an increase in operating profit, as conv...
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Autoliv reports 32% year-over-year growth in FY 2024 net income to $489 million despite marginal drop in net sales
Autoliv has recorded a 32% year-over-year increase in net income to $489 million in the financial year ended Dec. 31, 2024, despite witnessing a 0.8% year-over-year decline in net sales to $10.4 billion. The Sweden-based safety systems supplier recorded a 42% year-over-year growth in operating income to $979 million, which also drove up its operating margin by 280 basis points to 9.4%. Adjusted operating income at slightly over $1 billion was 9.5% year over year more than $920 million recorde...
Briefing
Stanley Electric's nine-month FY 2024/25 net sales up 5.8% year over year to $2.4 billion
Stanley Electric has reported a 5.8% year-over-year increase in net sales to ¥375.9 billion (about $2.4 billion) in the nine-month period of the current financial year 2024/25, ended Dec. 31, 2024. Higher sales helped the Japan-based lighting systems supplier to record a 20.2% year-over-year growth in operating profit to ¥32.9 billion and a 37.2% year-over-year increase in net profit to ¥19 billion. Sales in Stanley Electric’s Automotive Equipment Business increased 11.1% year over year ...
News
Tesla reports significant profit drop in final 2024 quarter
Tesla reported a significant decrease in profit for the final quarter of 2024, with earnings dropping to $2.3 billion from $7.9 billion the previous year, though the latter figure was boosted by a one-time tax benefit of $5.9 billion. This decline in profit, by 23% excluding the special gain, comes as competitors from China, Europe, and the United States make inroads into Tesla's leading position in the electric vehicle market. Despite this, Tesla saw a slight increase in sales, rising 2% to $25...
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Toyota remains world's top automaker in 2024 despite sales dip
In 2024, Toyota Motor retained its position as the world's top-selling automaker for the fifth consecutive year, despite a 3.7% decrease in global group unit sales, totaling 10.8 million vehicles. This decline encompassed sales from its subsidiaries, the compact car manufacturer Daihatsu and truck manufacturer Hino Motors. A significant factor contributing to the downturn was a sharp decrease in sales within Japan, attributed to governance issues related to certification test procedures, particu...
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Mobileye’s reports higher losses in FY2024 on lower revenue, one-time goodwill impairment charge
Mobileye Global has reported 23% year-over-year decline in revenue to $490 million in the fourth quarter ended Dec. 31, 2024, mainly due to a 20% year-over-year reduction in EyeQ system-on-chip volume. In addition, lower average system price, $50 in the fourth quarter 2024, compared to $52.7 in the fourth quarter of 2023, also affected Mobileye’s revenue.    Lower revenue impacted Mobileye’s gross profit which fell 30% year over year to $241 million in the fourth quarter of 2024...
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STMicroelectronics reports 23% drop in FY2024 revenues
STMicroelectronics (STM) has reported US GAAP financial results for the fourth quarter ended December 31, 2024. STM reported fourth quarter net revenues of $3.32 billion, gross margin of 37.7%, operating margin of 11.1%, and net income of $341 million or $0.37 diluted earnings per share. Net revenues totaled $3.32 billion, representing a year-over-year (y/y) decrease of 22.4%. Year-over-year net sales to OEMs and Distribution decreased 19.8% and 28.7%, respectively. On a sequential basis, net re...
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Adient's Q1 FY 2024/25 revenue declines 5% year over year to $3.5 billion
Adient has reported 5% year-over-year decline in revenue to $3.5 billion in the first quarter ended Dec. 31, 2024, mainly driven by lower vehicle production volume and unfavorable product mix. The US-based seating supplier recorded a 16% year-over-year drop in its earnings before interest and taxes to $93 million. Adient concluded the first quarter at breakeven, compared to net income of $20 million during the same period a year earlier.           Adjusted e...
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Nidec’s 9-month FY2024/25 sales rises 11.5% year over year to $12.5 billion
Nidec Corp. has reported an 11.5% year-over-year increase in net sales to ¥1.94 trillion ($12.5 billion) in the first nine months of the financial year 2024/25, ended Dec. 31, 2024. Higher sales drove the company’s operating profit up by 5% year over year to ¥175.5 billion. However, Nidec witnessed a 4.7% year-over-year decline in profit before income tax to ¥182.5 billion. The company also recorded a 6.7% year-over-year decline in net profit to ¥134.6 billion. Sales in Nidec’s Automo...
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Autoneum reports slight improvement in FY 2024 sales to CHF2.34 billion
Autoneum reported a slight improvement in its sales to CHF2.34 billion in the financial year ended Dec. 31, 2024, amid a challenging business environment when global light vehicle production fell by 1.1% year over year to 89.4 million units. Excluding currency translations, Autoneum’s sales increased 4.2% year-over-year. The company sales in 2024 were in line with its guidance of CHF2.3 billion to CHF2.5 billion. Autoneum's financial performance for 2024 also included a preliminary ear...
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ChargePoint's third-quarter revenue falls 10% YOY to $99.6 million
ChargePoint, a company specializing in networked solutions for charging electric vehicles, has reported a 10% year-over-year drop in revenue to $99.6 million in the third quarter ended Oct. 31, 2024. The revenue from networked charging systems saw a 29% decrease to $52.7 million, while subscription revenue increased by 19% to $36.4 million. The company improved its generally accepted accounting principles gross margin to 23% and its non-GAAP gross margin to 26%, both significant improvement...
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Autonomous vehicle company WeRide unveils next-gen robo-taxi platform
In November, WeRide released its unaudited financial results for the third quarter and first nine months ended Sept. 30. Building upon its Nasdaq-listing momentum, WeRide has been pushing forward with its strategic goals in the autonomous driving sector, marked by significant technological and global partnership milestones. In October, WeRide introduced its GXR robo-taxi platform with Level 4 autonomous driving systems and Sensor Suite 5.6. WeRide's expansion strategy is evident in its strate...
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Antolin reports 10.2% year-over-year drop in nine-month 2024 sales to €3.17 billion
Antolin reported a 10.2% year-over-year decline in sales to €3.17 billion in the first nine months of the current financial year ended Sept. 30, 2024, the company said in a press release. The lower sales reflected growing uncertainty in the global automotive market. In the July–September quarter of 2024 alone, global light vehicle production dropped by 4.9% year over year to 21.5 million, according to S&P Global Mobility data.    Sales increased in Asia by 4% year over year ...
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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...
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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...
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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...
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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 ...
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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 ¥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 ¥3.3 trillion. The company also recorded marginal improvement in operating income to ¥377.1 billion. However, adjusted operating profit for the period decreased 2.5% year over year to ¥353.2 billion. Revenue declined in Japan...
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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...
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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...
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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 ¥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 ¥251.7 billion. Denso recorded strong growth in earnings despite witnessing a 1.1% year-over-year decline in revenue to ¥3.5 trillion. “Revenue in the second quarter decreased compared to the previous year, due in part to suspensions of operations by J...
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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 ...
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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...
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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...
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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...
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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...
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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 €21 million. Executive Chairman Francisco J. Riberas highlighted the uncertain automotive market and the...
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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...
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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...
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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 ...
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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...
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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 ...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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% ...
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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...
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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,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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 ¥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 ¥273.5 billion. The Japanese tiremaker recorded operating income of ¥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...
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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...
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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 ...
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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...
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