Nexteer Automotive booked a record of US$4.2bn in revenue for the year to 31 December 2023.

The supplier claimed sales outpaced the market “despite ongoing challenges which intensified pressure on the company’s profitability, including supply chain disruptions, ongoing inflation and lingering economic impacts, as well as the 2023 United Autoworkers (UAW) strike in the US resulting in OEMs’ production schedule shifts”.

Revenue was up 9.6% year on year. Operating profit was $61.4m and net profit $36.7m, both down versus 2022.