Here are 1-2 brief analogies for Commercial Vehicle Group (CVGI):

• Magna International for heavy-duty vehicles.

• A specialized Lear Corporation for commercial vehicle seating and electrical systems.

• Seating Systems: Manufactures and supplies a range of seats for commercial trucks, construction equipment, agricultural vehicles, and other specialty applications.
• Wiring Systems: Produces electrical wire harnesses, cable assemblies, and related components primarily for heavy-duty trucks, construction, and agricultural equipment.
• Structures and Assemblies: Provides components such as trim systems, cab structures, mirror systems, and other structural parts for commercial vehicles.
• Mechanical and Electronic Controls: Offers shifters, pedals, sensors, and other control products for various vehicle and industrial applications.
• Material Handling & Automation Solutions: Delivers solutions including automated guided vehicles (AGVs), intralogistics systems, and robotics for warehousing and manufacturing industries.

Major Customers of Commercial Vehicle Group (CVGI)

Commercial Vehicle Group, Inc. (symbol: CVGI) primarily sells its products and services to other companies, specifically global commercial vehicle Original Equipment Manufacturers (OEMs) and customers in related markets, rather than directly to individuals.

Based on their recent public filings, the major customer companies that account for a significant portion of their consolidated net sales are:

• Daimler Truck AG (and its affiliates)
  • Primary Stock Exchange Listing: Frankfurt Stock Exchange (FWB)
  • Symbol: DTG
  • Note: Also trades on OTC markets under symbol DTGFF.
• PACCAR Inc. (and its affiliates)
  • Primary Stock Exchange Listing: NASDAQ
  • Symbol: PCAR

James R. Ray, President and Chief Executive Officer

James R. Ray was appointed President and Chief Executive Officer of Commercial Vehicle Group (CVG) in December 2023. He has been an Independent Director on CVG's Board since March 2020. Mr. Ray provides consulting services to Fortune 100 companies and private equity portfolio companies. He also serves as an Independent Director on the Board of Spirit AeroSystems, Inc., and previously served on the Boards of Leslie's, Inc. and RR Donnelley. Prior to joining CVG's Board, he served as President, Engineered Fastening at Stanley Black & Decker, Inc. from 2013 to 2020, where he held various global industrial P&L and operational leadership roles. Before that, he spent over 25 years in global P&L and engineering leadership roles at TE Connectivity, Delphi, and General Motors.

Andy Cheung, Executive Vice President, Chief Financial Officer & Information Technology

Andy Cheung joined CVG in October 2022 as Executive Vice President and Chief Financial Officer. Before his tenure at CVG, Mr. Cheung spent more than 25 years at Johnson Controls, where he advanced through various positions in finance, general management, procurement, and corporate development. His most recent role there was Vice President & Chief Financial Officer of Global Products. During his career, he has lived and worked in Japan, China, Belgium, and the United States.

Kristin Mathers, Chief Human Resources Officer

Kristin Mathers became Chief Human Resources Officer at CVG in September 2021. She previously served as Vice President of Talent Management at Baker Hughes. Ms. Mathers has extensive HR experience, including leadership roles in GE's transportation, appliance, lighting businesses, and corporate headquarters, stemming from her time with Baker Hughes and its legacy parent, GE, since 2000.

Aneezal H. Mohamed, Chief Legal Officer, Compliance Officer & Corporate Secretary

Aneezal H. Mohamed joined CVG in 2013 and has held increasingly responsible positions, including Associate General Counsel, Deputy General Counsel, Interim General Counsel, and Vice President, Legal & Compliance and Secretary. Before CVG, he was counsel with Kegler Brown Hill & Ritter and served in various capacities at Cardinal Health, such as Senior Counsel, Vice President & Associate General Counsel, and Assistant General Counsel. Earlier in his career, Mr. Mohamed was counsel to CMS Energy Corporation.

Peter Lugo, President, Global Electrical Systems

Peter Lugo joined CVG in November 2024 as President, Global Electrical Systems. In this role, he is responsible for the day-to-day oversight of the electrical business, focusing on the development and execution of commercial, engineering, and product management strategies. Prior to CVG, Mr. Lugo was the Senior Vice President, Electrical Products & Engineered Solutions at Southwire, where he drove business strategy that resulted in sustainable growth through organic activities and five acquisitions. He has also held leadership positions at companies including Bullard, Eaton Corp., Phillips Petroleum, Switchgear Systems, and General Electric.

Commercial Vehicle Group Inc. (CVGI) operates in several key addressable markets for its main products and services, which include seating systems, electrical systems (wire harnesses and controls), interior trim systems, cab structures, and plastic parts.

Addressable Markets for CVGI's Main Products and Services:

• Commercial Vehicle Seating Systems:
  • Globally, the commercial vehicle seating market was valued at approximately USD 7.3 billion in 2023 and is projected to reach USD 12.2 billion by 2030, growing at a CAGR of 7.2%. Other estimates indicate a global market size of USD 12.8 billion in 2024, expected to grow to USD 19.6 billion by 2034.
  • In North America, the commercial vehicle seat market is a significant portion of the global market. The overall North America automotive seat market, which includes commercial vehicles, was valued at USD 19.39 billion in 2025 and is forecast to reach USD 24.58 billion by 2030, with a CAGR of 4.86%. The U.S. alone generated USD 3.8 billion in 2024 for commercial vehicle seats.
• Commercial Vehicle Electrical Systems (Wire Harnesses and Controls):
  • The global commercial vehicle wiring harness market was estimated at US$ 13.45 billion in 2023 and is expected to reach US$ 25.79 billion by 2031, growing at a CAGR of 8.5%. Another report valued the global commercial vehicle harness market at approximately USD 53.20 billion in 2025, with a projection to reach USD 83.22 billion by 2032.
  • For North America, the commercial vehicle wiring harness market was valued at an estimated USD 6.79 billion in 2023 and is projected to reach USD 9.21 billion by 2032, exhibiting a CAGR of 4.1%. The broader North America wire harness market, encompassing various applications including commercial vehicles, was valued at US$ 22.63 billion in 2022 and is projected to reach US$ 34.14 billion by 2030.
• Commercial Vehicle Interior Trim Systems:
  • The global automotive interior market (which includes commercial vehicles) was valued at approximately USD 152.18 billion in 2024 and is projected to grow to USD 159.2 billion in 2025. More specifically, the automotive interior components market is estimated to be valued at USD 175.69 billion in 2025 and is expected to reach USD 276.81 billion by 2032, with a CAGR of 6.7%.
  • North America is expected to be a leading region in the global automotive interior components market, holding an estimated 43.7% market share in 2025.
• Commercial Vehicle Cab Structures and Structural Components:
  • The global commercial vehicle body and superstructure market is expected to achieve a significant share by 2035, with a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2025 to 2035.
• Commercial Vehicle Plastics Parts and Assemblies:
  • The global automotive plastics market (which includes commercial vehicles) is expected to grow from USD 33.0 billion in 2024 to USD 58.0 billion by 2034, at a CAGR of 5.8%.
  • In North America, the automotive plastics market size is anticipated to reach USD 6.8 billion by 2030, with a CAGR of 4.6% from 2024 to 2030. The U.S. market alone for automotive plastics is projected to reach USD 5,951.4 million by 2030.

Expected Drivers of Future Revenue Growth for Commercial Vehicle Group (CVGI)

1. New Business Wins in High-Growth Segments, Including Electric Vehicles

2. Benefits from Strategic Restructuring and Operational Efficiencies

3. Expansion of Aftermarket E-commerce Platform

Share Issuance

• In June 2025, Commercial Vehicle Group issued five-year warrants to TCW Group to purchase up to 3,934,776 shares of common stock in two equal tranches at exercise prices of $1.58 and $2.07 respectively.
• The company retains the right to repurchase up to 50% of each warrant tranche within four years.
• The number of shares outstanding increased from approximately 32.51 million as of March 9, 2021, to 34.64 million as of March 14, 2025, indicating share issuance over this period.

Capital Expenditures

• For the full year 2024, Commercial Vehicle Group forecasted capital expenditures between $25 million and $30 million.
• In June 2025, as part of new credit facilities, annual consolidated capital expenditures are capped at $20 million, with a sublimit of $10 million for foreign capital expenditures.
• The company expects a 50% reduction in planned capital expenditures for 2025, primarily focused on driving improved cash generation, supporting new business wins in the Electrical Systems segment, and reducing manufacturing costs, including investments in new plants in Mexico and Morocco.