Nexteer Automotive Achieves Above Market Revenue Growth in 2024
Nexteer Automotive, a global leading motion control technology company, reported impressive year-end results for the period ending December 31, 2024. The company achieved record revenue of US$4.3 billion, marking a 1.6% increase compared to 2023. Adjusting for foreign currency and commodity recoveries, Nexteer’s revenue grew by 2.5%, outperforming the market by 360 basis points.
President, Chief Technology Officer, Chief Strategy Officer, and Executive Board Director, Robin Milavec, highlighted the company’s success, stating that they had achieved revenue above $4 billion for the second consecutive year and continued to grow above market levels. Nexteer secured significant bookings totaling $6 billion in 2024 and expanded diversification across customers, markets, and products. Notably, 28% of bookings came from Chinese OEMs, reflecting a 38% increase from the previous year.
Bookings Highlights and Achievements
Nexteer’s above-market revenue growth was driven by strong conquest wins of new customer business and continued momentum with leading Chinese OEMs. The company achieved $6.0 billion in bookings, with 31% representing new conquest business and 28% representing COEM business. Key bookings included the first Dual Pinion Electric Power Steering (DPEPS) win in APAC and other groundbreaking achievements with leading COEMs.
The company also set a record by successfully launching 77 customer programs in 2024, surpassing the previous year’s record. These launches included new or conquest business and EV platforms, showcasing Nexteer’s growing diversity and strategic positioning in the market.
Financial Performance and Future Outlook
In 2024, Nexteer achieved record full-year revenue of US$4.3 billion, with net profit attributable to equity holders increasing by 68.0% compared to 2023. Adjusted EBITDA also saw a significant increase, reaching $424.4 million. The company’s strong free cash flow of $166.4 million reflected an increase of $61.4 million compared to the previous year.
Looking ahead, Nexteer remains focused on strengthening its business fundamentals, driving profitability, and accelerating growth. The company’s strategic plan aims to deliver above-market revenue, improve margins, and foster innovation in the automotive industry.
Conclusion
Nexteer Automotive’s success in 2024 underscores its position as a global leader in motion control technology. With a focus on achieving above-market revenue growth, expanding diversification, and continuing momentum in the APAC region, the company is well-positioned for future success. By capitalizing on growth opportunities and driving innovation, Nexteer is poised to maintain its competitive edge in the evolving automotive landscape.
