Veoneer, Inc. (NYSE:VNE) rose Tuesday, after the company disclosed that it has achieved record full-year order intake.
The Stockholm-based Veoneer reported the total lifetime value of the 2018 orders is estimated at $5.9 billion, corresponding to an average annual order value of more than $1.2 billion. This represents growth of around 40% compared to 2017 order intake.
For Active Safety, the company's growth engine, order intake almost doubled from 2017, reaching an annual average order value of close to $900 million, corresponding to an Active Safety lifetime order value of $3.8 billion. In line with Veoneer's previous communication, this indicates future market share growth in active safety
In Restraint Control Systems, where Veoneer is the market leader the Company noted order intake significantly above its current market share which is estimated to be around 25%.
According to CEO Jan Carlson, "This is a strong proof-point for Veoneer as a leading technology company in the automotive industry. Our products are trusted by the leading car manufacturers in the world and our customer list keeps growing.
"I look forward to working together with the rest of the Veoneer team to create another year of record order intake in 2019.”
VNE shares rocketed $2.38, or 9%, to $28.92
