Nexteer Automotive reported full year 2021 revenue of US$3.359 billion, a 10.8% year on year increase.

Adjusted for foreign currency and customer commodity recoveries, revenue increased 7.2%, outperforming the increase in global OEM vehicle production of 2.5%.

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“This strong growth in excess of market reflected the favourable impact of current and carry-over conquest customer programme launches and favourable vehicle mix,” the supplier said in a statement.

“In 2021, we remained committed to our strategy for profitable growth and continued expanding and diversifying our revenue base. Our proven strategy served as a guide in navigating 2021’s challenges including the global semiconductor supply shortage, commodity inflation, logistics challenges and continuing Covid-19 impact,” said CEO Guibin Zhao.

Nonetheless, Nexteer said 2021 financial performance was “significantly impacted by the various cost headwinds and customer production and operating challenges experienced across the broader automotive supply chain”.

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It booked full year operating profit of $115.2 million and net profit of $118.4 million, up 1.4%.

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The company reported 36 customer programme launches during 2021, 32 of which were new or conquest business and 15 for new EV introductions.

“We had a strong year of customer [orders] and accomplished several notable successes including breakthrough steering wins with a Japanese OEM, a segment leader in the utility and all-terrain vehicle field, a major global EV leader and multiple NEV startups in China,” said Zhao.