Taiwan-based TYC Brother Industrial held a shareholder's meeting on June 18. The leading manufacturer of vehicle lights shared its plans for new energy vehicles (NEVs) and some highlights of its operations in 2024.
TYC's Chairman Kuo-Chen Wu said the company does not discriminate car lights between ICEs and NEVs. TYC supplies different NEV customers, including traditional automakers producing EVs and car company startups.
About 60% of TYC's sales from the China plant are currently generated by NEV original equipment (OE) parts, compared to around 25% in 2023. The situation boosted TYC's China-based subsidiary company to return to profitability in the first quarter of 2024.
Although TYC does not separate its solutions for gasoline cars and EVs, the company encounters challenges when entering the NEV segment. NEVs need more electronics and electric control devices than gasoline cars, which may bottleneck TYC's R&D, especially in the field of communication electronics.
TYC has put efforts into optical and structural design and researched automotive electronics for over five years, with the US being TYC's main market. As the local insurance company State Farm resumes using aftermarket (AM) parts for vehicle repairs, more demand has been created. TYC aims to gradually increase consumer demand to gain more market share.
With demand for AM parts taking off in the US, TYC plans to start small-scale trial production at its American factory in 2024. The production facility will be completed in the first quarter of 2025.
TYC founder Chun-Chi Wu said the company will build lighting systems, electric controllers, and in-vehicle lighting for EVs. TYC has successfully developed the 100-pixel Adaptive Driving Beam (ADB) lighting solution, smart dynamic visual taillight, and high-resolution optical lens.
The company reported NT$19.27 million (US$595.27 million) in consolidated revenues last year, a record high for two consecutive years. The net profit attributed to the parent company was NT$1.09 billion, the second highest in the company's history.
Lawrence Su, president of TYC, said the company will continue to receive product certifications and enhance electric control techniques in 2024. Its AM and OE parts The sales volume of its AM and OE parts is expected to grow from 2023.
Su also said TYC aims to strengthen its global AM parts market position, implement competitive pricing in North America, Europe and other markets. The company will develop its OEM business to accommodate the change in global supply chains, he added.
