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July 30, 2020

Visteon posts Q2 net income loss of US$45m

Visteon has recorded a second-quarter net income loss of US$45m, although the supplier says sales outperformed production volumes at its top customers by five percentage points.

By Rhodri Morgan

Visteon has recorded a second-quarter net income loss of US$45m, although the supplier says sales outperformed production volumes at its top customers by five percentage points.

“Visteon took decisive actions in the second quarter to reduce its cost base in response to decreased automotive industry activity,” said Visteon president and CEO, Sachin Lawande.

“Despite the challenging environment, we launched 21 new products during the first half of the year, including all-digital clusters, a new Android-based infotainment system and large displays.

“We also won US$1.7bn in new business in the first half, which will position us for continued market outperformance in the future.”

The company continued to execute on its growth strategy in the second quarter by launching eight new products, including its infotainment solution in the VW Nivus, a new coupé-style SUV for the Brazil market.

The new model debuts VW Play – an infotainment system for enhanced in-car connectivity, streaming and other services supported by Visteon. Other key launches include a 12-inch digital cluster with Toyota, the company’s first with the OEM and a 12-inch digital cluster for the Nissan Rogue compact SUV.

The company won more than US$900m of new business during the quarter.

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