Visteon has reported 2019 net income down 57% to US$70m and sales falling from US$2.98bn to US$2.95bn.
The decrease of US$39m is primarily due to lower vehicle production volumes and the negative impact of currency, customer pricing and product mix, partially offset by new product launches and product updates.
New business wins in 2019 were US$6.1bn driven by digital clusters, multi-display modules, Android-based infotainment systems, cockpit domain controllers and battery management systems.
"Despite lower vehicle production volumes, Visteon finished the year strong with 7% growth-over-market in the fourth quarter, driven by our next-generation digital cockpit solutions," said Visteon president and CEO, Sachin Lawande.
"In 2020, we are anticipating another challenging year for the automotive industry, as we expect global vehicle production volumes to further decline by approximately 3%.
"However, we expect Visteon sales to continue to grow above market and increase year-over-year as we lead the digital cockpit transformation."
Fourth quarter sales rose to US$744m from US$731m in 2018. The year-over-year increase is primarily attributable to new product launches and product updates, partially offset by lower vehicle production volumes, vehicle launch delays at Ford, the impact of the strike at GM, customer pricing and the impact of unfavourable currency.
On a regional basis, in the fourth quarter of 2019, Europe accounted for 32% of sales, China Domestic, 20%, China Export ,7%, the Americas, 25% and Other Asia-Pacific, 16%.