New Delhi: American automotive electronics provider Visteon Corporation has reported 80% drop in its net income in the second quarter of 2019 amounting to $7 million compared to $35 million in the same period last year.
The company has reported that its sales amount in the second quarter of 2019 were $733 million, while the number was $758 million in the same period last year.
This decline of $25 million is primarily due to the slowdown in vehicle production volumes, customer pricing and unfavourable currency, partially offset by new business and the consolidation of a previously non-consolidated affiliate.
Visteon has claimed in a release that it received new business amounting to $3.2 billion in the first half of 2019 (January-June), with 60% attributed to digital clusters, displays and SmartCore domain controller. Also, more than one-third of this amount came from electric vehicles.
Sachin Lawande, President and CEO, Visteon, said, “Despite the challenging vehicle production environment, our second-quarter sales outperformed the industry, particularly in China.”
He also added, “We continued to gain momentum in winning next-generation digital platforms, including an Android-based display audio system with a European automaker, a multi-display module with a Korean vehicle manufacturer, and a cross-platform SmartCore award with a China-based automaker.”
Sachin further added, “Our pipeline of new business opportunities remains robust despite the near-term uncertainty, which reinforces our confidence in the long-term prospects of the business.”