Visteon Corp. announced that its board of directors has authorized a share repurchase program of up to $400 million of common stock to be executed through March 2018. Visteon expects to fund the repurchases through excess cash on hand.

“We are pleased to announce this new repurchase program, further underscoring our commitment to driving value for our shareholders,” said Sachin Lawande, Visteon president and CEO. “This authorization demonstrates our board’s confidence in Visteon’s ability to execute on our exciting growth initiatives as a differentiated provider of cockpit electronics. We believe that there is significant upside for Visteon given the exciting future of the connected car, and we are uniquely well-positioned to deliver on that potential.”

Visteon said this new authorization follows the company’s successful track record of returning approximately $3.5 billion of capital to shareholders since 2012 through share buybacks and special distributions.