#LEAR

Interiors

Adient Refocuses on Core Seating Business

Restructures joint ventures with Yanfeng, divests Recaro unit

Business

Hyundai, Renault and Volvo Invest in Cybersecurity Firm

Israel’s Upstream Security, a startup that specializes in cybersecurity systems for connected vehicles, says it has received $30 million in Series B funding.

Electronics

Lear Taps Aerospace Exec to Head E-Systems Unit

Lear Corp. has appointed Carl Esposito, who most recently lead the electronics arm of Honeywell International Inc.’s aerospace business, as president of Lear’s E-Systems division, effective Sept. 3.

Business

Lear Trims Outlook

Second-quarter sales and earnings fell for seating supplier Lear Corp., as vehicle production slowed in all its major markets.

Business

Lear Cuts Outlook for 2019

Vehicle seating supplier Lear Corp. has cut its full-year revenue and net income forecasts by $1 billion and more than $200 million, respectively.

Interiors & Electronics

FCA Launches Telematics Services Platform

Fiat Chrysler Automobiles NV is updating its Uconnect infotainment and telematics system so users can access third-party service providers.

Materials & Lightweighting

Four Suppliers Win GM Innovation Awards

General Motors Co. recognized four suppliers—BorgWarner, Continental Structural Plastics (CSP), Innolux and Multimatic—for product innovation as part of the company’s Supplier of the Year awards.

Propulsion

Tenneco Powertrain Nabs 2 PACE Innovation Awards

The winners of this year’s PACE Awards (Premier Automotive Suppliers’ Contribution to Excellence) for innovation consisted of 13 suppliers from around the world.

Mobility

Report: Hyundai, Tencent Partner on Software for Autonomy

Hyundai Motor Co. and China’s Tencent Holdings Ltd. have tentatively agreed to co-develop software for self-driving vehicles, sources tell South Korea’s Maeil business daily.

Business

Lear Buys Telematics Software Company

Lear Corp. has agreed to acquire Xevo Inc., a Seattle-based software supplier of telematics systems, for $320 million.

Mobility

Lear Invests in Israeli Advanced Mobility Fund

Lear Corp. has made an unspecified investment in Maniv Mobility, an Israel-based venture capital fund that specializes in advanced mobility technology.

Assembly

Canadian Labor Board Rules Unifor Strikes Against GM Unlawful

Union walkouts to protest General Motors Co.’s plan to close its assembly plant in Oshawa, Ont., were unlawful, the Ontario Labor Relations Board has ruled.

Business

Lear’s Quarterly Net Income Drops 47%

Lear Corp. says a decline in global vehicle output caused its fourth-quarter revenue and net income to fall 8% to $4.9 billion and 47% to $212 million, respectively.

Connectivity

Lear, Hyundai-Kia to Develop Advanced Positioning Tech

Lear Corp. has signed a development agreement for its new EXO Technology vehicle positioning technology with Hyundai Motor Co. and its Kia Motors Corp. affiliate.

Business

Detroit Grand Prix to Stay on Belle Isle

Organizers of the Detroit Grand Prix and the Michigan Dept. of Natural Resources have signed an agreement to keep the IndyCar Series race on Belle Isle through at least 2021.

Former Lear CEO Joins Cooper-Standard Board

Matt Simoncini, who retired last November as CEO of Lear Corp., will join Cooper-Standard Holdings Inc.’s board of directors on Aug. 1.

Business

Lear’s Adjusted Profits Up 8%

Seating and electronics supplier Lear Corp.’s adjusted net income rose 8% to $331 million in the second quarter as revenue grew 9% to $5.6 billion.

Lear Hires Absmeier as Chief Tech Officer

Lear Corp. has appointed John Absmeier to the newly created position of chief technology officer, effective June 18.

Business

Lear, Unifor Reach New Tentative Deal on Seating Plant

Lear Corp. and Canadian union Unifor have reached a second tentative contract for the supplier’s seating plant in Ajax, Ont.

Production

Lear to Close Canada Plant Where Workers Rejected Contract

Lear Corp. says it will shut down its Canadian seating plant in Ajax, Ont., after 94% of workers there rejected a tentative contract reached earlier with their Unifor union.

Business

Canadian Workers Reject Lear Contract

Hourly workers at a Lear Corp. seating plant in Ajax, Ontario, have rejected a tentative labor contract by a 94% margin.

Economics

Lear Posts Record Revenue, Income

Lear Corp.’s sales and adjusted net income in 2017 set record highs in the fourth quarter and full year.

Mobility

Lear Buys Israeli GPS Firm

Lear Corp. has agreed to buy Israel-based EXO Technologies LLC, which is developing an enhanced GPS technology for use in connected and autonomous vehicles.

Interiors & Electronics

Lear CEO Simoncini Retires

Matt Simoncini, who has led Lear Corp. as president and CEO for the past six years, is leaving the Southfield, Mich.-based auto interiors supplier at the end of February.