Commercial Vehicle Group, Inc.
Commercial Vehicle Group, Inc. designs and manufactures systems, assemblies, and components for commercial vehicle and electric vehicle markets. Its portfolio spans seating, electrical systems, and trim/accessories used in trucks, construction and agriculture equipment, and other specialty vehicles across North America, Europe, and Asia-Pacific.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSeats and seat components for commercial vehicles, EVs, and related service channels.
Wire harnesses, cable assemblies, control boxes, and dashboard assemblies for multiple vehicle and industrial end markets.
Plastic trim parts and commercial vehicle accessories such as mirrors, wipers, and sensors.
Products
Reported · share of revenue- Seats42.7 %
- Electrical Wire Harnesses Panels and Assemblies31.8 %
- Plastic and Trim Components19.0 %
- Mirrors Wipers and Controls6.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
CVG sells primarily to OEMs in commercial vehicles and adjacent specialty vehicle markets, with additional exposure to aftermarket channels. Customers include North American truck manufacturers, construction and agriculture OEMs, and distributors and service networks that buy replacement parts and refurbishing products.
Buy seats, electrical systems, trim, and accessories for new truck and specialty vehicle platforms.
Buy customized components for off-road equipment and related vehicle platforms.
Buy replacement seats, mirrors, wipers, sensors, and refurbishing parts for installed fleets.
Buy seating and electrical content for EV and alternate-fuel vehicle programs.
Buy office seats sold into commercial and home office distribution channels.
Strategy
CVG is repositioning its portfolio so Global Electrical Systems becomes its largest business while optimizing legacy seating and trim operations. Management is also focused on margin improvement, customer and end-market diversification, and selective M&A to reduce cyclicality and customer concentration.
Electrical content is a growth engine and can reduce dependence on cyclical seating and trim demand.
Broader exposure should reduce concentration risk and smooth demand through cycles.
Lower-cost manufacturing and sourcing are needed to defend margins in a price-competitive industry.
Acquisitions can add product breadth, customer access, and scale if integrated well.
Geography
2025CVG manufactures in the United States, Mexico, China, the United Kingdom, Czech Republic, Ukraine, Morocco, Thailand, India, and Australia. Sales are primarily concentrated in North America, Europe, and Asia-Pacific, so the company is exposed to regional truck cycles, industrial demand, and cross-border supply chain complexity.
Share of the revenue the company reports by geography.
Risks
CVG is highly exposed to commercial vehicle and construction cycles, so weak truck orders or lower infrastructure spending can quickly reduce demand. The company also faces supply-chain, pricing, and execution risk because it relies on third-party materials and competes in a fragmented, price-sensitive component market.
- Cyclical demand in commercial vehicles and constructionImpact: HighLikelihood: High
Revenue depends on new truck orders, freight activity, and infrastructure spending.
Exposure - Supply chain and sourcing disruptionImpact: HighLikelihood: High
The company depends on third-party raw materials and components that may be unavailable or late.
Exposure - Competitive pricing pressureImpact: MediumLikelihood: High
Products compete on price, quality, delivery, and technical capability in a crowded market.
Exposure: OEM and aftermarket component supply
- Execution risk on growth investmentsImpact: MediumLikelihood: High
Capital deployed into EV and new markets may not generate expected returns.
Exposure - Customer concentration and platform dependenceImpact: MediumLikelihood: High
Platform programs and OEM relationships can create volume swings if launches or demand change.
Exposure: Vehicle platform life cycles
Accounting
Judgemental itemsMost sales are point-in-time, but long-lived platform agreements require estimates for returns and allowances.
Impact: Can shift revenue timing and affect reported gross margin
Finished goods and raw materials are reviewed against expected production volumes and demand.
Impact: Can create material charges when demand weakens or programs end
Customized components are exposed to platform changes and lower-than-expected volumes.
Impact: Directly affects cost of sales and operating profit
The company refinanced credit facilities in 2025, which affects liquidity and interest expense.
Impact: Can change leverage, covenant headroom, and financing cash flows
Portfolio changes and operational reorganizations can create non-recurring gains or charges.
Impact: Affects comparability of earnings and cash flow across periods
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Last updated: 24/09/2026