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Investments
9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
PST Eletrônica Ltda.
The Company had a 74% controlling interest in Stoneridge Brazil from December 31, 2011 through May 15, 2017. On May 16, 2017, the Company acquired the remaining 26% noncontrolling interest in Stoneridge Brazil. As part of the acquisition agreement, the Company was required to pay additional earn-out consideration based on Stoneridge Brazil’s financial performance in 2021. The final earn-out consideration of $8,272 was paid on April 29, 2022. See Note 5 for the foreign currency adjustment of the earn-out consideration in prior periods.
Other Investments
In December 2018, the Company entered into an agreement to make a $10,000 investment in a fund (“Autotech Fund II”) managed by Autotech Ventures (“Autotech”), a venture capital firm focused on ground transportation technology which is accounted for under the equity method of accounting. The Company’s $10,000 investment in the Autotech Fund II will be contributed over the expected ten-year life of the fund. The Company has contributed $8,250 to the Autotech Fund II as of September 30, 2023. The Company contributed $200 and $250 to Autotech Fund II during the three months ended September 30, 2023 and 2022, respectively. The Company contributed $200 and $700 to Autotech Fund II during the nine months ended September 30, 2023 and 2022, respectively. The Company has a 6.6% interest in Autotech Fund II. The Company recognized (losses) earnings of $(141) and $34 during the three months ended September 30, 2023 and 2022, respectively. The Company recognized losses of $641 and $424 during the nine months ended September 30, 2023 and 2022, respectively. The Autotech Fund II investment recorded in investments and other long-term assets in the condensed consolidated balance sheets was $8,203 and $8,644 as of September 30, 2023 and December 31, 2022, respectively.