Milwaukee, Wisconsin – Johnson Controls said sales in its Automotive Experience division declined 21% to $4.2 bn in the third quarter of 2015 compared with $5.3 bn in the 2015 quarter.
The fall “is due primarily to the deconsolidation of the interiors business as a result of the July 2015 formation of the Yanfeng automotive interiors joint venture,” JCI explained.
Excluding the impact of the interiors deconsolidation and foreign exchange, sales grew 3%, approximately in-line with global auto industry production.
Revenues in China, which are primarily generated through non-consolidated joint ventures, increased 27 % to $2.3 billion, according to Johnson Controls. However, if the Yanfeng interiors business is removed it decreased by 3%to $1.7 bn. China Automotive industry production fell 5% between Q3 2014 and Q3 2015.