
Nexteer Automotive Reports Record Revenue and Continued Growth in 2024
Nexteer Automotive is making headlines with its impressive year-end results for 2024. The company reported a record revenue of US$4.3 billion, reflecting a 1.6% increase from 2023. Notably, when adjustments for foreign currency and commodity recoveries were made, the revenue growth climbed to 2.5%. This performance positions Nexteer as a leader in market performance, outperforming the industry average by a remarkable 360 basis points.
Diverse Strategies Fueling Success
As articulated by Robin Milavec, Nexteer’s President and Chief Technology Officer, the company’s strong bookings trajectory over the past few years has contributed to this year’s revenue success. Throughout 2024, Nexteer secured an impressive $6 billion in bookings, with 31% marking new conquest business and 28% tied to growth with leading Chinese OEMs (Original Equipment Manufacturers). This strategic focus on diversification across customers, markets, and products has been pivotal in driving Nexteer’s momentum in the automotive sector.
Expanding Chinese Market Presence
A significant highlight of Nexteer’s growth strategy is the remarkable 38% increase from the previous year in bookings from Chinese OEMs. With automotive expansion in Asia-Pacific (APAC), Nexteer has made notable inroads, including the launch of innovative technologies such as Dual Pinion Electric Power Steering (DPEPS) and Steer-by-Wire systems, setting the stage for further advancements and partnerships.
Record Launches and Product Diversity
2024 was a landmark year for Nexteer, achieving a record of 77 launches in customer programs. This figure, an increase from the 68 launches in 2023, showcases the company’s commitment to diversifying its product lines and maintaining competitiveness in the electric vehicle sector. Among these launches, 45 pertained to electric vehicle platforms, indicating a strategic pivot towards sustainability and innovation in automotive technology.
What This Means for Dealership Principals and GMs
For dealership principals and general managers, Nexteer’s robust performance and future growth potential present numerous opportunities. Understanding industry trends such as the shift towards electric vehicles and diversification can aid in strategizing inventory and financing options for customers. As the automotive industry navigates these changes, staying informed on financing rates is critical. That includes keeping an eye on used car financing rates, which are pivotal in fostering customer engagement and sales success.
Actionable Insights for Automotive Professionals
Nexteer’s expansive growth showcases the importance of adapting to market conditions and consumer preferences. Auto professionals should consider leveraging tools such as used auto financing calculators to assist customers in finding the best financing options. Staying updated with the used car loan interest rates can enhance the value offered to customers when discussing financing vehicles.
Maintaining competitive offerings like low-interest rates on auto loans can also attract customers looking for financing solutions tailored to their needs. Engaging in such practices can bolster sales and promote customer loyalty.
Final Thoughts and Call to Action
As Nexteer continues to make strides in the automotive field, dealership owners and decision-makers must align their strategies to leverage such growth. Understanding tools like financing calculators and market trends not only enhances consumer experience but also fosters business growth. Don’t miss out on the trends shaping the industry—stay informed and prepared to adapt.”
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