US-based Nexteer Automotive has reported 1.6% growth in revenue to $4.3bn for the full year ended 31 December 2024, compared to the same period a year ago.
Adjusted for unfavourable foreign currency translation and reduced commodity recoveries, revenue grew by 2.5%, exceeding market growth by 360 basis points.
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The company’s growth was led by its performance in the Asia-Pacific region, where revenue outpaced the market by 11.3%, driven by expansion with Chinese original equipment manufacturers (COEMs).
Nexteer reported a net profit attributable to equity holders of $61.7m, reflecting a 68% increase from 2023. Adjusted EBITDA rose by 22.5% to $424.4m.
Free cash flow also strengthened, with an inflow of $166.4m, up by $61.4m, primarily due to higher earnings.
The bookings for the period amounted to $6.0bn, with 31% attributed to new conquest business and 28% to COEM business.
Nexteer Automotive CEO and executive board director, chairman of the board, Zili Lei said: “For the first time in our company’s history, Nexteer crossed over $4bn in annual revenue – marking another period of year-over-year revenue growth that continues to outpace the market as measured by the change in global OEM unit production.
“In 2023, Nexteer also achieved record growth in the Asia Pacific region – surpassing $1.2bn in revenue. We continue to seize tremendous growth opportunities in Asia Pacific by securing new business with leading global and Chinese domestic automakers.”
Nexteer’s financial success was complemented by a record number of 77 customer programme launches in 2024.
Recently, Nexteer introduced a new rear-wheel steering (RWS) system, designed to enhance the driving experience for heavier vehicles with long wheelbases, including trucks, SUVs, and electric vehicles.
This system allows the rear wheels to turn up to 12 degrees in coordination with the front wheels, offering improved manoeuvrability, stability, safety, and performance.
