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Nexteer’s 2024 Year-End Performance: A Closer Look at Record Revenues
Nexteer Automotive has reported remarkable year-end results for 2024, reflecting both resiliency and strategic foresight amidst a dynamic automotive landscape. Achieving a record revenue of US$4.3 billion, the company not only marked a 1.6% increase from 2023, but importantly, also outperformed the market by 360 basis points.
Driving Forces Behind Revenue Growth
According to Robin Milavec, President and CTO of Nexteer, this revenue milestone is indicative of the company’s strong bookings from previous years translating into tangible results. Nexteer recorded $6 billion in bookings during 2024, with a noteworthy 31% coming from new business acquisitions. Significantly, 28% of these bookings were attributed to performance with leading Chinese OEMs, showcasing Nexteer's burgeoning presence in the APAC region, where automotive demand is surging.
Innovative Solutions Set to Shape the Future
Nexteer’s commitment to innovation is evident through several key launches throughout the year, including:
- First Dual Pinion Electric Power Steering (DPEPS) wins in APAC with two leading carry-out original equipment manufacturers (OEMs).
- First Steer-by-Wire (SbW) partnership with a leading OEM for highly automated mobility applications.
- Inroads into EV Platforms: 45 customer programs launched aligned with the trend towards electric vehicle architectures.
This strategic focus on innovation positions Nexteer to leverage the burgeoning electric vehicle market while enhancing its product offerings across various segments.
Benefiting from Market Diversification
The company saw remarkable diversity across its launches, with 77 customer programs successfully launched in 2024—surpassing previous records. These launches spanned various regions and encapsulated numerous product types, illustrating Nexteer's ability to adapt amidst changing market demands. With 52 of the launches occurring in the APAC region, it underscores Nexteer's focus on global expansion as OEMs explore new market opportunities.
Understanding the Implications for Auto Sales Training
For automotive sales professionals, these results highlight the importance of training and development in the face of rapid market changes. Comprehensive auto salesman training becomes crucial in adapting to new consumer preferences and technological advancements. With a noticeable uptick in electric vehicle demand, sales teams must familiarize themselves with the benefits and features of next-generation vehicles.
Key Takeaways for Dealership Owners and GMs
Dealership owners and general managers must recognize the shifting landscape as Nexteer demonstrates the potential for growth through diversification and innovative solutions. Implementing structured car sales training programs that incorporate insights into electric vehicles, customer service excellence, and engagement strategies will be essential for staying competitive.
Conclusion: The Path Forward in Automotive Sales
Nexteer Automotive's promising year-end results provide an optimistic view of the automotive industry’s trajectory, particularly within the APAC region. As markets evolve, investing in effective auto sales training can yield significant returns, equipping sales professionals with the skills needed to thrive in a landscape marked by innovation and fierce competition.
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