Strong Market Outperformance
Visteon achieved a growth over market of 10%, despite net sales of $934 million being flat year-over-year. Adjusted EBITDA was $129 million, representing a margin of 13.8%, a record for the company.
Significant New Business Wins
New business wins totaled $1.9 billion for the quarter, led by displays and digital cluster product wins with carmakers in Asia and the US.
Successful Product Launches
Visteon successfully launched 16 new vehicle models worldwide in Q1, with 10 being on mass-market vehicles, which included a mix of powertrains, such as hybrid electric gaining momentum.
Positive Traction in China
Visteon secured its first business win with Cherry, a fast-growing domestic OEM in China, for a large cockpit display, indicating positive traction in a challenging market.
Robust Pipeline and Future Prospects
The pipeline of new business opportunities remains robust, with strong demand anticipated for Visteon's technology and products.