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March 30, 2020

Nexteer posts 2019 profit down 39% to US$232m

Nexteer has reported 2019 profit attributable to equity holders down 38.8% to US$232.4m, while revenue fell 8.6% to US$3.6bn.

By Rhodri Morgan

Nexteer has reported 2019 profit attributable to equity holders down 38.8% to US$232.4m, while revenue fell 8.6% to US$3.6bn.

“While the macro environment broadly impacted the automotive industry in 2019, united as a strong and resilient One Nexteer team, we navigated the year’s challenging landscape and continued to position Nexteer for future success,” said Nexteer Automotive CEO, Guibin Zhao.

“As a leader in intuitive motion control, we are focused on winning the long game and believe our strategies for profitable growth will benefit Nexteer and our shareholders over the long-term.”

The supplier’s 2019 financial results were impacted by challenges including lower OEM light vehicle production across all regions, led by a decline in China, a GM-UAW labour strike in North America interrupting vehicle production, reduced revenue from a North America customer’s vehicle platform transition and unfavourable foreign currency.

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