Visteon has posted full-year 2018 net income down 4.5% to US$164m, while sales fell to US$2.98bn compared to US$3.15bn.
The decrease of US$162m is primarily due to unfavourable vehicle production volumes says Visteon, customer pricing net of design changes and product mix, partially offset by new business and favourable currency.
In 2018, global vehicle manufacturers awarded Visteon new business of US$6.9bn. New business win growth was driven by new digital products, primarily all-digital clusters and audio infotainment.
“The market environment in 2018 was very challenging, as vehicle production softened in the second half of the year,” said Visteon president and CEO, Sachin Lawande. “Despite these challenges, Visteon made significant progress in the transformation of its business.
“We launched the industry’s first production cockpit domain controller with Daimler and secured significant new business wins in the fast-growing digital cluster and infotainment segments.
“By winning approximately US$7bn in new business for the second consecutive year – and adding five new customers in the process – we strengthened Visteon’s position toward achieving our long-term growth targets.”