The Company continues to believe that SmartBeam and driver assist unit shipments will increase in calendar year 2013 by approximately 10-15 percent compared with calendar year 2012, based on the IHS April 2013 forecast for annual light vehicle production, which includes a three percent decline in European light vehicle production, as well as larger forecasted percentage decreases in the mid-size luxury class vehicle model segment, which currently is one of the Company's primary markets for these features. The Company is currently shipping SmartBeam and driver assist camera products for 84 vehicle models with ten automotive original equipment manufacturers (OEMs). The challenging European economic and market conditions continue to have a negative impact on product mix and option take rates.
The Company also continues to believe that Rear Camera Display (RCD) Mirror unit shipments in calendar year 2013 will decline by approximately 25-35 percent compared with calendar year 2012 (based on the IHS April 2013 forecast for annual light vehicle production), which includes estimated reduced RCD Mirror unit shipments to certain automotive customers who have previously announced they were moving the display for rear camera to the radio instead of the rearview mirror. After four delays, NHTSA has indicated that it now expects to finalize its rulemaking related to the Kids Transportation Safety Act in fiscal 2013. The Company is currently shipping RCD Mirrors for 58 vehicle models with ten automotive OEMS.
SmartBeam is the Company's high beam headlamp assist product that optimizes forward visibility by automating high beam usage, allowing drivers to better identify and react to potential hazards in the road ahead. Driver assist camera products utilize a multi-function camera combined with algorithmic decision making to perform certain tasks, such as automatic high beam assist, lane keeping and driver alert. The Company's Rear Camera Display Mirrors contain a liquid crystal display that works with an automaker-specified video camera mounted at the rear of the vehicle to provide a view directly behind the vehicle while backing up.
Unit Shipments and Net Sales
Total auto-dimming mirror unit shipments increased by approximately one percent in the first quarter of 2013 compared with the first quarter last year. Automotive net sales declined by approximately eight percent to $263.0 million in the first quarter of 2013 compared with $285.7 million in the first quarter of 2012.
Auto-dimming mirror unit shipments increased by approximately eight percent in North America in the first quarter of 2013 compared with the same quarter of 2012, primarily as a result of increased mirror unit shipments to certain domestic and Asian transplant automakers. North American light vehicle production increased by approximately one percent in the first quarter of 2013 compared with the same quarter last year.
Auto-dimming mirror unit shipments to offshore customers decreased by approximately four percent in the first quarter of 2013 compared with the same quarter in 2012, primarily due to decreased mirror unit shipments to certain Asian and European automakers. Light vehicle production in Europe decreased by approximately eight percent in the first quarter of 2013, and decreased by approximately 13 percent in Japan and Korea in the first quarter of 2013, compared with the same quarter last year. The overall decline in light vehicle production in the regions of Japan and Korea, and Europe during the first quarter of 2013, compared in each case to the first quarter of 2012, also included higher percentage decreases in mid-size luxury class vehicle models, which currently are one of the primary markets for the Company's products.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Top Websites for U.S. Hispanics
- Ad Counts Rise in 2013 for Hispanic Magazines
- Networks Vie for U.S. Hispanic TV Viewers
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Apple Activates Customer-Tracking iBeacon
- A Biography of Jonathan Ive, Apple's Creative Chief
- 2013 Tech Gift Guide: iPad Mini Still Hot; Chromecast a Great Low-Cost Option
- Dell Offers Undisclosed Number of Employee Buyouts
- Authorities Close to Deal with JPMorgan Chase over Madoff Response