Visteon, a global leader, announced remarkable financial results for the second quarter of CY2023, reporting net sales of $983 million, marking an 18% YoY increase.
During Q2 CY2023, Visteon’s products debuted on 35 vehicle models. A notable highlight was the launch of the SmartCore cockpit domain controller program for Harley-Davidson’s Street Glide touring line. This milestone venture into the SmartCore two-wheeler program showcases Visteon’s expanding market influence. Additionally, Visteon clinched an 8-inch digital cluster contract for a two-wheeler OEM in Europe, further reinforcing its position in the two-wheeler sector.
Among Visteon’s wins, the company introduced a 12-inch center display for JMC’s flagship electric pick-up truck in China. Notably, Visteon achieved a record-breaking $4 billion in new business wins in the first half of the year. Q2 highlights included Visteon’s inaugural win in EV power electronics with a European luxury brand, integrating their smart battery junction box and battery management system. Further accomplishments encompassed a 20-inch V-shaped multi-display module for a European OEM, a 12.3-inch digital cluster display for a Japanese luxury brand, and an extension of a significant 12.3-inch digital cluster program in North America.
Driving this impressive performance is a remarkable 18% YoY net sales growth. This success is attributed to increased customer vehicle production, recent product launch success, and eased supply constraints, offset by reduced semiconductor open market purchases.
Total industry production surged 16% from the previous year, with Visteon’s top customer’s vehicle production increasing by 12% over the same period. Visteon’s sales performance outshone the market with 15% growth-over-market, maintaining an unbroken streak of market outperformance for 17 consecutive quarters.
Sachin Lawande, Visteon’s President and CEO, expressed his satisfaction with the quarter’s results, highlighting the strong execution of product launches and operational discipline. He emphasized the high demand for Visteon’s digital cockpit and electrification products, underscored by the $4 billion in new business wins during the first half, strengthening the company’s growth foundation.
Based in Van Buren Township, Michigan, Visteon’s global presence spans 17 countries. In 2022, the company achieved around $3.76 billion in annual sales and secured $6 billion of new business.