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Nexteer Automotive

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Nexteer Automotive
Company typePublic
IndustryAutomotive
PredecessorDelphi Steering
Founded2009[1]
FounderGM
Headquarters1272 Doris Rd, Auburn Hills, Michigan,
United States
Number of locations
44
Area served
Worldwide
Key people
Zili Lei [2] (CEO)
Robin Milavec[2](President, CTO, CSO)
Mike Bierlein[2] (VP, CFO)
Hervé Boyer[2] (VP, Global COO and NA Division President)
Productspower steering systems, Steering Columns, Driveline
RevenueIncrease $3,839.7 million (2022)[3]
Decrease $86.6 million (2022)[3]
Decrease $58.0 million (2022)[3]
Total assetsIncrease $3.34 billion (2022)[3]
Total equityDecrease $1.98 billion (2022)[3]
Number of employees
Increase 12,600 (Q4 2022)[3]
ParentPacific Century Motors(15%)[1]
Websitehttps://www.nexteer.com/

Nexteer Automotive (SEHK: 1316) is a global motion control technology company. It is a publicly traded company owned about one-third by its shareholders. About two-thirds by Pacific Century Motors, which in turn is 51% owned by AVIC Automotive. Nexteer's global headquarters is in Auburn Hills, Michigan, United States.[4]

Nexteer Automotive is a major supplier in the automotive industry, specializing in the production of electric and hydraulic power steering systems, steer-by-wire systems, steering columns, intermediate shafts, driveline systems, and software for original equipment manufacturers (OEMs). The company operates 26 manufacturing plants, four technical and software centers. The company also has 13 customer service centers across North and South America, Europe, Asia, and Africa. Its customer base includes over 60 OEMs, encompassing well-known brands such as BMW, Ford, General Motors, Toyota, and Volkswagen, as well as domestic automakers in India, China, and South America.

History

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Nexteer's original predecessor was founded in 1906 in Saginaw, Michigan, USA under the name Jackson, Wilcox and Church. Their product was named the Jacox gear. In 1909, the unit was purchased by Buick and then was transferred to parent company General Motors as the Jackson, Church and Wilcox Division. The division was renamed Saginaw Product Company in 1919 and Saginaw Steering Gear Division in 1928. The trade name of Jacox was changed to Saginaw in 1930. In 1985, the name was changed from Saginaw Steering Gear Division to Saginaw Division. The Saginaw Division was later grouped with other GM component units into Automotive Components Group, before becoming Delphi Automotive Systems in 1995.[5][6] In 1999, Delphi Automotive became an independent company. Saginaw Division was renamed Delphi Steering.[7]

Nexteer

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With Delphi entering a lengthy bankruptcy proceeding, GM purchased Delphi Steering through their subsidiary, GM Global Steering Holdings LLC, in 2009 and renamed the company, Nexteer Automotive.[8] GM moved to have the union change their contract with Nexteer in order to prepare the company for a sale as Nexteer had multiple customers besides GM. After the first offered agreement, GM warned the employees that this may hamper finding a buyer; the results being that GM may just shut Nexteer down. A second agreement was ratified by the union.[7] The Michigan Economic Growth Authority gave a $70.7 million state tax credit over ten years to Nexteer in November 2009. Nexteer announced that same month investment plans totaling $400 million across the board and keeping its headquarters in Buena Vista Township. The Township responded with a 100 percent 20 year tax abatement.[9] Nexteer was acquired by Pacific Century Motors on November 29, 2010.[1] After the purchase, Nexteer was split into two separate companies.

Nexteer originally was going to go public on the Hong Kong Stock Exchange in June 2013,[10] but the IPO was delayed until October 2013.[11]

The company relocated its headquarters to Auburn Hills, Michigan in 2015.[12]

Technology

[edit]

History

[edit]
  • 1906: Manual Steering
  • 1951: Hydraulic Assisted Steering
  • 1960s: Tilt-Wheel Steering Columns, Front-Wheel Drive Halfshafts, Energy-Absorbing Column
  • 1970s: Air Bag Column, First Rack and Pinion Gear
  • 1980s: Global Engineering
  • 1995: Speed Variable Assist, Electric Power Steering
  • 1999: Power Tilt Telescope Column, Quadrasteer
  • 2004: Active Energy-Absorbing Column, Tri-Glide Halfshaft Joint
  • 2009: Single Pinion Electric Power Steering
  • 2010: World’s first 12-Volt Electric Power Steering Systems
  • 2011: Full Size Truck Rack Electric Power Steering[13] and CrossGlide Joint
  • 2013: Magnetic Torque Overlay
  • 2017: CNXMotion, a joint venture between Nexteer & Continental 
  • 2018: Advanced Steering Technology Suite, including Steer-by-Wire
  • 2022: Dissolving of joint venture Dongfeng Nexteer
  • 2023: Dissolving of CNXMotion and eDrive product line

Products

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  • Steering Systems: active steering, electric power steering, hydraulic power steering and torque overlay
    • Electric Power Steering: Since 1999, Nexteer Automotive has put more than 70 million EPS units on the road.[14]
  • Steering Components: columns; electronics, modules & sub-assemblies; intermediate shafts.
  • Driveline Products: front-wheel drive halfshafts, rear-wheel drive halfshafts, intermediate drive shafts, propeller shaft joints, advanced technology.
  • Assisted & Automated Driving Enablers

References

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  1. ^ a b c "Nexteer Automotive Inc.:Private Company Information". Business Week.com. Bloomberg. Archived from the original on October 12, 2012. Retrieved 15 April 2011.
  2. ^ a b c d "Nexteer Global Leadership".
  3. ^ a b c d e f "Nexteer Annual Report 2022" (PDF).
  4. ^ "Nexteer Automotive – A Leader in Intuitive Motion Control | Locations". www.nexteer.com. Retrieved 30 March 2017.
  5. ^ Alan K. Binder and Deebe Ferris, editors (2000). General Motors in the Twentieth Century. Ward’s Communications. via
    "GM Heritage, Generations of GM History, Saginaw Steering".
  6. ^ Jordan, Heather Jordan (2 February 2015). "Nexteer Automotive: A century of automobile steering success". MLive. MLive. Retrieved 22 April 2023.
  7. ^ a b Bunkley, Nick (29 November 2010). "G.M. Sells Parts Maker to a Chinese Company". New York Times. Retrieved 15 April 2011.
  8. ^ "GM buys Delphi steering operations". ABC News. 2009-03-04. Retrieved 2018-04-10.
  9. ^ Lynch-Morin, Kathryn (July 8, 2010). "New chapter begins today for Saginaw's Nexteer after purchase by Chinese auto-parts maker announced". The Saginaw News. Retrieved 15 April 2011.
  10. ^ "Nexteer may launch IPO in June". WNEM.com. Meredith Corporation. June 5, 2013. Retrieved January 22, 2015.
  11. ^ "Annual Report 2013" (PDF). Nexteer.com. Nexteer Automotive. Retrieved January 22, 2015.
  12. ^ Johnson, Bob (May 6, 2019). "Layoffs looming at Nexteer Automotive has local officials, businesses concerned". The Saginaw News. MLive Media Group. Retrieved May 8, 2019.
  13. ^ "Nexteer Automotive Provides World's 1st 12-Volt Electric Power Steering Systems in 2011 Ford F-150" (PDF). Nexteer Automotive. Archived from the original (PDF) on 23 August 2011. Retrieved 9 June 2011.
  14. ^ "Electric Power Steering reaches production milestone" (PDF). Nexteer Automotive. Archived from the original (PDF) on 23 August 2011. Retrieved 9 June 2011.

[1] [2]

  1. ^ "Nexteer About". Nexteer Automotive. Retrieved 2 June 2020.
  2. ^ "Nexteer Locations". Nexteer Automotive. Retrieved 2 June 2020.
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