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    Rising interest in active dampers despite challenges in achieving precision
    Evolution of active damping systems: The automotive industry is undergoing significant changes driven by safety regulations, emissions standards and consumer demands for comfort. Key trends include a shift to electric mobility, integrated safety features and autonomous driving. This evolution is reshaping the role of active damping systems, which are transitioning from stand-alone to fully integrated and networked systems. As vehicles become more automated, the discomfort and motion sickne...
    How will mainland China’s graphite export curbs impact battery demand
    In an ever-evolving trade war between two of the world’s largest economies, China’s Ministry of Commerce announced on Oct. 20, 2023, that it would deploy a temporary export control measure on graphite, a critical raw material used in manufacturing batteries. The measure was later implemented as a state policy on Dec. 1, 2023. Mainland China’s implementation of the graphite export control policy came about four months after it had announced restrictions on exports of germanium and galliu...
    Lear’s FY 2023 sales grows 12% YOY to $23.47 billion
    Lear Corp. reported its fourth-quarter and full-year results for 2023 in a press statement on Feb. 6. For the full year 2023, Lear recorded a 12% increase in sales to $23.47 billion. Net income for the year surged 74.4% to $572.5 million. Core operating earnings were $1.12 billion, or 4.8% of sales, compared to $871 million, or 4.2% of sales, in 2022. In the Seating segment, margins were 6.1% of sales and in the E-Systems segment, margins were 3.9% of sales. For the fourth quarter, the compan...
    Automotive suppliers may resort to layoffs if UAW strikes continue in the US
    Automotive component suppliers are preparing for potential layoffs if the United Auto Workers (UAW) continues to hold strikes against General Motors, Stellantis and Ford Motor Co., disrupting production and supply chain operations in the US, according to a news report published by Automotive News on September 15. The report said that automotive suppliers are closely monitoring the evolving situation and are working on a plan to deal with prolonged work stoppage. The UAW, the labor union which...
    Lear Q2 FY 2023 total sales up by 18% YOY to $6 billion
    Lear Corp., a global automotive technology leader in Seating and E-Systems, reported second-quarter fiscal year 2023 sales of $6 billion, up by 18% year over year as compared to $5.1 billion in the same period last year. The supplier’s sales outperformed global industry production, driven by growth over the market in E-Systems of 11 percentage points. Net income in the quarter was $169 million, with adjusted net income of $198 million, compared to $69 million and $107 million, respecti...
    Lear forecasts seating business earnings to increase by $700 million between 2023 and 2027
    During its Seating Products Day, supplier Lear announced various medium-term to long-term targets, according to a company press release dated June 27. The company said it expects Seating adjusted earnings to increase by $700 million from 2023 to 2027. Lear also increased its fiscal year 2023 outlook for net sales, core operating earnings and free cash flow. Forecasts also include increasing Just-in-Time (JIT) Seating market share target to 29% by 2027, and achieving overall Seating ...
    Lear completes acquisition of I.G. Bauerhin
    Lear Corp. (Lear) has announced the completion of the acquisition of I.G. Bauerhin GmbH (IGB), according to a company press release April 26. The acquisition was initially announced in May 2022, when Lear had signed a definitive agreement to acquire IGB for €140 million on a cash and debt-free basis. “IGB is the final piece of Lear’s comprehensive strategy to develop and integrate its Thermal Comfort Systems for automotive seating. Lear is the most vertically integrated g...
    Lear’s Q1 FY 2023 sales up 12% YOY to $5.8 billion
    Lear Corp., a global automotive technology leader in seating and e-systems sales grew 12% to $5.8 billion in the first quarter of fiscal year 2023, the company announced on April 27. The company reported net income of $144 million and adjusted net income of $166 million, compared to $49 million and $108 million, respectively, in the first quarter of 2022. The core operating earnings were $263 million, or 4.5% of sales, compared to $184 million, or 3.5% of sales, in 2022. Significance:...
    Lear’s Q3 2022 net sales up 23% y/y to USD5.24 billion
    Lear Corporation has reported third quarter 2022 net sales at USD5.24 billion, up 23% year-on-year (y/y) from USD4.26 billion in the previous year for the three months ended October 2022, according to a filing by the company on 1 November. Operating income for the quarter was reported at USD154.9 million. Net income was reported at USD92.3 million. Ray Scott, Lear’s President and Chief Executive Officer, said, “We expect further improvement in both business segments in the fourth quarter....
    Lear to supply sustainable ReNewKnit sueded material to a global automaker starting 2024
    Lear has announced that the company will supply its premium and fully recyclable ReNewKnit sueded material for use in seating and door panel applications to a global automaker in 2024, it said in a press release on 26 October. Frank Orsini, Executive Vice President and President of Lear's Seating business, said, “At Lear, we are positioning our surface material offerings to what we believe is the future—a global circular economy where repurposed textiles can be infinitely recycled to beco...
    Lear announces Q2 2022 net sales at USD5.07 billion, up 6.51% y/y
    Lear Corporation has reported second quarter 2022 net sales at USD5.07 billion, up 6.51% year-on-year (y/y) from USD4.76 billion in the previous year for the second quarter of 2021, according to a filing by the company on 2 August. Operating income for the quarter was reported at USD187 million, compared to USD233 million from the previous year. Net income was reported at USD68.5 million against USD175.2 million in second quarter 2021. Ray Scott, president and CEO, Lear, said, "In a quarter m...
    Lear to acquire seating climate control specialist I.G. Bauerhin
    Lear Corporation has announced via press release that it entered into a definitive agreement to acquire seating climate control specialist I.G. Bauerhin (IGB) for EUR140 million (USD147.49 million), according to a press release published by Lear Corporation on 20 May.   Lear President and CEO Ray Scott, said, “The acquisition of IGB furthers Lear’s vertical integration strategy and advances our vision of being the leading provider of innovative thermal comfort solutions. Combining Le...
    Lear Corporation acquires seating materials company Thagora Technology
    Lear Corporation has announced its acquisition of Romania-based seating materials specialist Thagora Technology SRL, according to a press release published by Lear Corporation on 19 May.   Frank Orsini, Lear executive vice president and president, Seating, said, “Thagora offers Lear access to scalable, smart-manufacturing tools that will be a valuable addition to our business. We welcome Thagora’s talented employees to the Lear family. Together, we share the same profession...
    Lear reports Q1 2022 net sales at USD5.20 billion, down 2.80% y/y
    Lear has reported first-quarter net sales at USD5.20 billion with a year-on-year (y/y) decrease of 2.80% compared with USD5.35 billion in the first quarter of 2021 for the three months ended 31 April 2022, according to a filing by the company on 3 May. Operating income was reported at USD183.7 million for the first quarter of 2022 compared with USD336.2 million in 2021. Net income was reported at USD49.4 million, compared with USD203.7 million for the first quarter of 2021. The comp...
    General Motors selects Lear to supply seats for the 2024 Chevrolet Silverado EV pickup
    Lear Corporation has been selected by General Motors (GM) to supply front and rear seating systems to the 2024 Chevrolet Silverado electric vehicle (EV) pickup, according to a press release by Lear Corporation on 9 March. Lear designed the foam, trim, structure, mechanism, plastics, and seat harness for the seats, at Lear’s new state-of-the-art facility in Detroit. Ray Scott, Lear president and CEO, said, “With the most complete capabilities of any seating supplier in the world, Lear...
    Lear completes acquisition of Kongsberg Automotive’s ICS business unit
    Kongsberg Automotive (KA) announces completion of sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation, following European Commission’s approval on 25 February 2022, according to a press release published by Kongsberg Automotive on 28 February.    Joerg Buchheim, president and CEO of Kongsberg Automotive, said, “Thanks to both the teams for the smooth transaction. I am excited to see how ICS is further developed within Lear and wish everybody great succes...
    The European Commission authorizes sale of Kongsberg automotive’s ICS business unit into Lear Corporation
    The European Commission has authorized the sale of Kongsberg Automotive’s Interior Comfort Systems (ICS) business unit to Lear Corporation, according to a press release published by Kongsberg Automotive on 25 February.   Significance: Lear Corporation is innovating and evolving automotive seating solutions rapidly, through this acquisition of Kongsberg Automotive’s ICS business, Lear intends to expand its already large global footprint with added resources and adapt instantly to emer...
    Lear reports FY 2021 net sales at USD19.3 billion, up 13% y/y
    Seating and E-Systems company Lear Corporation reports fiscal year (FY) net sales of USD19.3 billion with a 13% increase and full year ended 31 December 2021, according to a filing by the company on 8 February. The company has reported its net income at USD374 million as against about USD159 million reported in 2020. Lear Corporation reported its core operating earnings at 35% to USD826 million for FY 2021 against USD614 million in FY 2020. Ray Scott, Lear's president and CEO, said, “Lea...
    Lear’s Q3 2021 revenue declines 13% y/y to USD4.3 billion
    Lear reported a 13% decline in sales year-on-year (y/y) to USD4.3 billion when compared to USD4.9 billion in the third quarter of 2020. Net income for the period was at a loss and came in at USD27 million and adjusted net income of USD32 million compared to USD174 million and USD225 million respectively in the third quarter of 2020. Core operating earnings decreased from USD327 million in the third quarter of 2020 to USD98 million in the third quarter of 2021. Significance: Lear saw a 13% dec...
    Lear to acquire Kongsberg Automotive’s Interior Comfort Systems business unit
    Lear Corporation has signed an agreement to acquire Kongsberg Automotive’ Interior Comfort Systems (ICS) business unit, it said in a press release on 28 October. The ICS business is engaged in specializing with comfort seating solutions such as massage, lumbar, seat heat and ventilation for the auto industry. “By integrating Kongsberg Automotive’s Interior Comfort Systems business unit into our operations, we will build upon our strengths in design, engineering and operational excellenc...
    Lear and Hu Lane Associate form JV to produce automotive connection systems
    Lear Corporation has announced the formation of a joint venture with Hu Lane Associate, according to a company press release on 22 September. The JV company will be initially based in Yangzhou, mainland China and manufacture a portfolio of connection systems products for vehicle architectures. “We identified this joint venture as a way to support Lear’s profitable growth initiatives in connection systems and increase competitiveness in our wire harness business. Partnering with Hu Lane pr...
    Lear’s Q2 2021 net sales nearly doubles y/y to USD4.76 billion
    Lear has reported a 95% year-on-year (y/y) surge in second quarter net sales to USD4.76 billion, the company said in a press release on 6 August. Net income for the period came in at USD175.2 million compared to a loss of USD293.9 million last year. Core operating earnings was USD233 million compared to a loss of USD248 million in the second quarter of 2020. Excluding the impact of foreign exchange, commodities, and acquisitions, sales were up 83%, reflecting increased production on Lear...
    Lear plans to open seat manufacturing facility in Detroit, US
    According to a press release published on the Detroit News on 6 August, Lear Corporation will operate a seat manufacturing facility on the site of the former Cadillac Stamping Plant on Detroit's east side, creating "hundreds of new jobs," officials said Friday. According to Crain's Detroit Business, the Southfield-based company will manufacture seats for General Motors Co.'s electric vehicles (EVs). “We are excited to be supporting GM’s vision of moving to an all-electric future, and even...
    Lear, IMS Connector Systems collaborate for high-speed ethernet solutions
    Lear has signed an agreement with IMS Connector Systems to jointly develop high-speed Ethernet solutions for automotive applications, according to a 16 June press release. The companies are aiming to produce a fully validated product in 2023. “Lear and IMS Connector Systems are sharing extensive experience in connector design and advanced manufacturing to improve high-speed data transmission. These new connectors enable new applications made possible by the growing capabilities of network a...
    Lear’s Q1 2021 sales rise 20% y/y to USD5.4 billion
    Lear has reported results for the first quarter ended 3 April 2021. According to a company press release on 7 May, sales for the quarter increased 20% year on year (y/y) to USD5.4 billion. Excluding the impact of foreign exchange, commodities, and acquisitions, sales were up 15%, reflecting increased production on key Lear platforms and the addition of new business. Core operating earnings increased 64% y/y to USD336 million. The company reported net income of USD204 million and adjusted net inc...
    ACQUISITION: Lear acquires injection molding specialist M&N Plastics
    Lear has acquired M&N Plastic, a US-based injection molding specialist and manufacturer of engineered plastic components for automotive electrical distribution applications, the company said in a press release on 25 March. The company has not disclosed the financial details of the transaction. The acquisition further increases Lear’s vertical integration capabilities to develop and produce complex parts for electrical distribution, including high voltage wire harness and power electroni...
    Lear FY 2020 net sales declines 14% y/y to USD17 billion
    Lear has reported 14% decline in net sales to USD17 billion in the financial year ended 31 December 2020, the US-based automotive supplier said in a press release on 4 February. Excluding the impact of foreign exchange translations and acquisitions, sales decreased 14% y/y in line with 17% y/y drop in global vehicle production, mainly due to the COVID-19 pandemic. The company recorded core operating earnings of USD614 million, down 53% y/y to USD614 million. Lear reported 79% y/y decline in...
    Lear’s Q3 net sales rises marginally y/y to USD 4.9 billion
    Lear has reported marginal growth in net sales of 1.5% year-over-year (y/y) to USD4.9 billion in the third quarter ended 3 October 2020, the US-based automotive supplier said in a press release on 30 October. Excluding the impact of foreign exchange, sales were up 1% y/y against 4% decline in global light vehicle production in the third quarter. Lear recorded core operating income of USD327 million, down 3.2% y/y. Lear also witnessed 19.4% y/y decline in net income to USD174 million. Sales de...
    Lear’s Xevo partners with REEF Technology for contactless payment for parking
    Lear Corporation has announced that its Xevo software business has partnered with REEF Technology to develop contactless payment service for parking, a company press release on 1 October read. This will enable customers to find, reserve and pay for parking from their in-vehicle touchscreen. REEF and Xevo is also looking to expand into additional in-vehicle services such as refueling, electric vehicle (EV) charging, and food and package delivery into vehicles as well as routine vehicle mainten...
    Lear’s Q2 sales drops 52% y/y to USD2.4 billion
    Lear’s sales declined 52% year over year (y/y) to USD2.4 billion in the second quarter ended 30 June 2020, the company said in a press release on 4 August. The company recorded core operating loss of USD294 million against core operating income of USD352 million in second quarter 2019. Lear also reported net loss of USD294 million compared with net income of USD183 million. Sales in Lear’s Seating segment decreased 54.3% y/y to USD1.7 billion. The segment recorded negative adjusted e...
    Lear, Gentherm jointly develop INTU Thermal Comfort Seating with ClimateSense technology
    Seating and e-systems supplier, Lear, has announced its collaboration with American thermal management firm, Gentherm, to jointly develop its latest intelligent seating solution, the INTU™ Thermal Comfort with ClimateSense™ technology. According to a press release from Gentherm dated 3 August, this new system aims to create an ideal personal climate using ambient cabin conditions and intelligent software. This system makes use of intelligent zonal thermal management, rather than a traditi...