Årsredovisning 2024

4
The first growth driver, LVP, has increased at an average annual growth rate of around 1.8%  since the start of Autoliv in 1997 despite 
persistent headwinds in Europe and North America. According to S&P Global, LVP is forecasted to grow to close to 91 million by 2027 
from almost 87 million in 2024, due to growing demand and export in medium- and low-income markets. 
Unlike LVP, where Autoliv can only aim to be on the best-selling platforms, Autoliv can influence CPV more directly by continuously 
developing and introducing new technologies with higher value-added features. Over the long term, this increases average safety CPV 
and has caused the Company's markets to grow faster than the LVP. 
Since 1997, the Company’s sales compound annual growth rate (CAGR) for passive safety has been around 5% compared to the market 
rate of around 2.7% which includes an LVP growth of around 1.8%. The Company's outperformance is a result of a steady flow of new 
passive safety technologies, strong focus on quality and a superior global footprint both in products and engineering. This has enabled 
Autoliv to increase its global market share in passive safety from 27% in 1997 to around 44% in 2024. 
In high-income markets (Western Europe, North America, Japan, and South Korea) the average CPV is around $340. CPV growth in 
these regions mainly comes from new safety systems such as active seatbelts, knee airbags, and front-center airbags along with improved 
protection for pedestrians and rear-seat occupants like bag-in-belt or more advanced seatbelts. 
In medium- and low-income markets (all markets other than the high-income markets above), the Company sees great opportunities for 
CPV growth from more airbags and advanced seatbelt products. Average CPV in these markets is around $200 or almost $140 less than 
in the high-income markets. 
As a result of higher installation rates of airbags, more advanced seatbelt products, and more complex steering wheels, CPV is expected 
to increase at a similar pace in both high-income and medium- and low-income markets over the next three years. 
In the next three years, almost all LVP growth is expected to come in medium- and low-income regions with lower CPV, leading to a 
dilution of the average global CPV. Despite this negative regional LVP mix effect, the annual passive safety market (seatbelts and airbags, 
including steering wheels), is expected to grow from around $23 billion in 2024 to more than $25 billion over the next three years, based 
on the current macro-economic outlook and the Company's internal market intelligence and estimates.  
In seatbelts, Autoliv has reached a global market share of around 45%, primarily due to being the technology leader with several important 
innovations such as pretensioners and active seatbelts. The Company's strong market position is also a reflection of its superior global 
footprint. Seatbelts are the primary life-saving safety product globally and are also an important requirement in low-end vehicles in the 
medium- and low-income markets. This provides the Company with an excellent opportunity to benefit from the expected growth in this 
segment of the market. 
The market for airbags and steering wheels, where Autoliv has a global market share of around 44%, is expected to grow mainly as result 
of higher installation rates of inflatable curtains, side airbags, knee airbags, center airbags as well as the trend towards higher-value 
steering wheels with leather and additional features.
The Company's ability to consistently outperform market growth is rooted in a steady flow of new safety technologies, a strong focus on 
quality, and a superior production and engineering footprint.
The Company's competitors
Autoliv is the clear market leader in passive safety components and systems for the automotive industry with an estimated global market 
share of around 44%.
ZF AG, one of the Company's largest competitors, is a global leader in drive-line and chassis technology as well as in passive safety 
technologies and is one of the largest global automotive suppliers. 
Another large competitor is Joyson Safety Systems (JSS), a subsidiary of Ningbo Joyson Electronic Corp. JSS is the result of the merger 
between Key Safety Systems (KSS) and Takata Corporation after KSS acquired Takata in 2018. 
In Japan, Brazil, South Korea, and China, there are a number of local suppliers that have close ties with the domestic vehicle 
manufacturers. For example, Toyota uses “keiretsu” (in-house) suppliers Tokai Rika for seatbelts and Toyoda Gosei for airbags and 
steering wheels. These suppliers generally receive most of the Toyota business in Japan, in the same way, Mobis, a major supplier to 
Hyundai/Kia in South Korea, generally receives a significant part of their business. Also BYD Auto., Ltd. (BYD) has a high degree of 
vertical integration, with a large proportion of in-house sourcing of products and systems. This includes passive safety systems, which is 
supplied by its subsidiary FinDreams Technology. Autoliv supplies components, especially inflators, to FinDreams Technology.
Other competitors include Nihon Plast and Ashimori in Japan, Yanfeng and Jinheng in China, Samsong in South Korea, and Chris Cintos 
de Seguranca in South America. Collectively, these competitors account for the majority of the remaining market share in passive safety. 
Additional information concerning the Company's products, markets and competition is included in the “Risks and Risk Management” 
section under Item 7 of this Annual Report.

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Manufacturing and Production
See “Item 2. Properties” for a description of Autoliv’s principal properties. The component factories manufacture inflators, propellant, 
initiators, textile cushions, webbing, pressed steel parts, springs, and over molded steel parts used in seatbelt and airbag assembly and 
steering wheels. The assembly factories source components from a number of parties, including Autoliv’s own component factories, and 
assemble complete restraint systems for “just-in-time” delivery to customers. The products manufactured by Autoliv’s consolidated 
subsidiaries in 2024 consisted of 142 million complete seatbelt systems (of which 98 million were fitted with pretensioners), 132 million 
side airbags (including curtain airbags and front center airbags), 60 million frontal airbags and 21 million steering wheels. 
Autoliv’s “just-in-time” delivery system is designed to accommodate the specific requirements of each customer for low levels of inventory 
and rapid stock delivery service. “Just-in-time” deliveries require final assembly or, at least, distribution centers in geographic areas close 
to customers to facilitate rapid delivery. The fact that the major automobile manufacturers are continually expanding their production 
activities into more countries and require the same or similar safety systems as those produced in Europe, Japan, or the U.S. increases 
the importance for suppliers to have assembly capacity in several countries. Consolidation among the Company's customers also 
supports this trend. 
Autoliv’s assembly operations generally are not constrained by capacity considerations unless there is a disruption in the supply of raw 
materials and components. When dramatic shifts in LVP occur, Autoliv can generally adjust capacity in response to any changes in 
demand within a few days by adding or removing work shifts and within a few months by adding or removing standardized production 
and assembly lines. Most of Autoliv’s assembly factories can make sufficient space available to accommodate additional production lines 
to satisfy foreseeable increases in capacity. As a result, Autoliv can usually adjust its manufacturing capacity faster than its customers 
can adjust their capacity as a result of fluctuations in the general demand for vehicles or in the demand for a specific vehicle model, 
provided that customers promptly notify Autoliv when they become aware of such changes in demand. However, these types of 
adjustments can be costly and can impact Autoliv's operating margin.
When significant volatility in LVP occurs, as we saw in 2022 and 2023 due to supply disruptions, or when there is a shift in regional LVP, 
the capacity adjustments can take more time and be more costly. During 2024 the volatility of LVP continued to improve, although it is 
still more volatile than prior to the COVID-19 pandemic. Additionally, when there is significant demand for a given product due to a major 
recall of a competitor’s product, like certain of the Company's customers have experienced, capacity adjustments may take time.
The Company could experience disruption in its supply or delivery chain, which could cause one or more of its customers to halt or delay 
production. For more information, see Item 1A – “Risk Factors” in this Annual Report.
Quality Management
Autoliv believes that superior quality is a prerequisite to being considered a leading global supplier of automotive safety systems and is 
key to the Company's financial performance, because quality excellence is critical for winning new orders, preventing recalls, and 
maintaining low scrap rates. Autoliv has for many years emphasized a “zero-defect” proactive quality policy and continues to strive to 
improve its working methods. Autoliv’s products are expected to always meet performance expectations and be delivered to its customers 
at the right times and in the right amounts. The Company believes its continued quality improvements further enhance the Company's 
reputation among its customers, employees, and governmental authorities.
Although quality has always been paramount in the automotive industry, especially for safety products, automobile manufacturers have 
become increasingly focused on quality with even less tolerance for any deviations. This intensified focus on quality is partially due to an 
increase in the number of vehicle recalls for a variety of reasons (not just safety), including a few high-profile vehicle recalls. This trend 
is likely to continue as automobile manufacturers introduce even stricter quality requirements and regulating agencies and other 
authorities increase the level of scrutiny given to vehicle safety issues. The Company has not been immune to the recalls that have been 
impacting the automotive industry.
The Company continues to drive its quality initiative called “Q5,” which was initiated in 2010. It is an integral part of  the Company's 
strategy of shaping a proactive quality culture of zero defects. It is called “Q5” because it addresses quality in five dimensions: products, 
customers, growth, behavior, and suppliers. The goal of Q5 is to firmly tie together quality with value within all of the Company's processes 
and for all of its employees, thereby leading to the best value for its customers. Since 2010, the Company has continually focused on this 
quality initiative to provide additional skills training to more employees and suppliers. These activities have significantly improved the 
Company's quality performance.
In the Company's pursuit of quality excellence, the Company developed a chain of four “defense lines” to deal with potential quality issues. 
The defense lines are: 1) robust product designs, 2) flawless components from suppliers and the Company's own in-house component 
companies, 3) manufacturing flawless products with a system for verifying that the Company's products conform with specifications, and 
4) an advanced traceability system in the event of a recall.
The Company's pursuit of quality excellence extends from the earliest phases of product development to the proper disposal of a product 
following many years of use in a vehicle. Autoliv’s comprehensive Autoliv Product Development System (“APS”) includes several key 
check points during the process of developing new products that are designed to ensure that such products are well-built and have no 
hidden defects. Through this process, the Company works closely with its suppliers and customers to set clear standards that help to 
ensure robust component design and lowest cost for function in order to proactively prevent problems and ensure the Company delivers 
only the best designs to the market.

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The APS, based on the goals of improving quality and efficiency, is at the core of Autoliv’s manufacturing philosophy. APS integrates 
essential quality elements, such as mistake proofing, statistical process control and operator involvement, into the manufacturing 
processes so all Autoliv associates are aware of and understand the critical connection between themselves and the Company's lifesaving 
products. This “zero-defect” principle extends beyond Autoliv to the entire supplier base. All of the Company's suppliers must accept the 
strict quality standards in the global Autoliv Supplier Manual, which defines the Company's quality requirements and focuses on preventing 
bad parts from being produced by its suppliers and helps eliminate defective intermediate products in the Company's assembly lines as 
early as possible. In addition, Autoliv’s One Product One Process (“1P1P”) initiative is its strategy for developing and managing 
standardization of both core products and customer-specific features, leading not only to improved quality, but also greater cost efficiency 
and more efficient supply chain management.
IATF 16949:2016 is one of the automotive industry’s most widely used international standards for quality management. All Autoliv facilities 
that ship products to OEMs are regularly certified according to the International Automotive Task Force (IATF) standards.
Environmental and Safety Regulations
For information on how environmental and safety regulations impact the Company's business, see “Risk Factors – ‘Our business may be 
adversely affected by laws or regulations, including environmental, occupational health and safety, and other governmental regulations’, 
“Global climate change could negatively affect our business”, “Our goals, targets, and ambitions related to sustainability and emissions 
reduction, and our public statements and disclosures regarding them, expose us to numerous risks” and “Our business may be adversely 
affected by changes in automotive safety regulations or concerns that drive further regulation of the automobile safety market”” in Item 
1A and “Risks and Risk Management” in Item 7 of this Annual Report.
Climate change
The Company is committed to operating its business in an environmentally sustainable manner, meaning developing and producing 
products in a resource efficient way while limiting the Company's environmental impact in the most material areas of greenhouse gas 
emissions, energy use, waste, and water. With particular emphasis on climate action, the Company actively engages with its customers, 
suppliers, and others to drive sustainable mobility.
In June 2021, the Company launched an updated climate strategy including new long-term climate ambitions:
•Carbon neutrality in own operations by 2030, and
•Net-zero emissions across our supply chain by 2040
These industry-leading climate ambitions are aligned with a 1.5°C trajectory and should position the Company as the supplier of choice 
for the most climate-focused customers, helping to ensure the Company's competitiveness now and in the future. In addition to these 
ambitions, the Company adopted Science Based Targets (SBTs) for 2030 covering its own operations as well as the supply chain. The 
targets were approved in January 2022 and are available at the SBTi website.
For more information about how climate change impacts the Company's business, see "Risk factors – Global climate change could 
negatively affect our business” in Item 1A of this Annual Report.
Raw Materials
Direct material cost represents approximately 55% of the Company's net sales in 2024. The Company mainly purchases manufactured 
components and raw materials for its operations. The Company takes several actions to manage the raw material fluctuations, such as 
competitive sourcing and looking for alternative materials. The Company is also taking necessary actions to gradually implement raw 
materials with a lower carbon emission footprint.
For information on the sources and availability of raw materials, see "Operational Risks - Component costs" in Item 7 and “Risk Factors 
– Changes in the source, cost, availability of, and regulations pertaining to raw materials and components may adversely affect our profit 
margins” in Item 1A of this Annual Report.
Intellectual Property
The Company has developed a considerable amount of proprietary technology related to automotive safety systems and relies on many 
patents to protect such technology. The Company's intellectual property plays an important role in maintaining its competitive position in 
a number of the markets the Company serves. For information on the Company's use of intellectual property and its importance to the 
Company, see “Risk Factors – If our patents are declared invalid or our technology infringes on the proprietary rights of others, our ability 
to compete may be impaired” in Item 1A of this Annual Report.

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Backlog
The Company has frame contracts with automobile manufacturers and such contracts are typically entered into up to three years before 
the start of production of the relevant car model or platform and provide for a term covering the life of such car model or platform including 
service parts after a vehicle model is no longer produced. These contracts, however, do not typically provide minimum quantities, firm 
prices, or exclusivity but instead permit the automobile manufacturer to resource the relevant products at given intervals (or at any time) 
from other suppliers. We sometimes refer to this backlog as our order intake or order book. For more information about order intake see 
“Risk Factors – The cyclical nature of automotive sales and production can adversely affect our business. Our business is directly related 
to LVP in the global market and by our customers, and automotive sales and LVP are the most important drivers for our sales” in Item 1A 
of this Annual Report.
Dependence on Customers
In 2024, the Company's top five customers represented around 44% of its consolidated net sales and the Company's top ten customers 
represented around 71% of its consolidated net sales. This reflects the concentration of manufacturers in the automotive industry. The 
company's five largest customers accounted for around 41%, and the ten largest customers for around 59% of global LVP in 2024. A 
delivery contract is typically for the lifetime of a vehicle model, which is normally between five and seven years depending on customer 
platform sourcing preferences and strategies. 
For information on the Company's dependence on customers, see “Risk Factors – Our business could be materially and adversely 
affected if we lost any of our largest customers or if they were unable to pay their invoices” in Item 1A of this Annual Report, and 
“Dependence on Customers” under the section “Strategic Risks” in Item 7 of this Annual Report, and Note 20 “Segment Information” to 
the Consolidated Financial Statements
Customer sales trends
Asian vehicle producers have steadily become increasingly important, mainly driven by growth with Japanese and Chinese OEMs. As a 
group they represented around 46% of the Company's consolidated net sales in 2024, of which Japanese OEMs accounts for almost two 
thirds. This is a result of the Company's stronger market position based on its local presence in Japan. The Chinese OEMs as a group 
accounted for around 7% of the Company's consolidated net sales in 2024, with Geely representing more than 2% of the Company's 
consolidated net sales. European based brands accounted for 30% of the Company's consolidated net sales in 2024. The U.S. based 
OEMs (including Chrysler and new EV manufactures) accounted for 21% of the Company's global sales in 2024. Globally one of the 
Company's strongest growing customers from 2023 to 2024 was Geely followed by Mercedes and Renault.
Research, Development and Engineering, net (R,D&E)
No single customer project accounted for more than 3% of Autoliv’s total R,D&E, net spending during 2024. To support Autoliv’s product 
portfolio, additional expertise is brought in-house via technology partnerships and licensing agreements.
During 2024, gross expenditures for R,D&E amounted to $612 million compared to $618 million in 2023. Of these amounts, $214 million 
in 2024 and $193 million in 2023 were related to customer-funded engineering projects and crash tests reimbursed by the customers. 
Net of this income, R,D&E expenditures in 2024 was $398 million compared to $425 million in 2023. Of the R,D&E, net expense in 2024, 
86% was for projects and programs where the Company has customer orders, typically related to vehicle models in development. The 
remaining 14% was mainly for new innovations, products and standardizations that will yield benefits over time.
Regulatory Costs
The fitting of seatbelts in most types of motor vehicles is mandatory in almost all countries and many countries have strict laws regarding 
the use of seatbelts while in vehicles. In addition, most developed countries require that seats in intercity buses and commercial vehicles 
be fitted with seatbelts. In the U.S., federal legislation requires frontal airbags on the driver-side and the passenger-side of all new 
passenger cars, sport utility vehicles, pickup trucks, and vans.
For information concerning the material effects on the Company's business relating to its compliance with government safety regulations, 
see “Risk Factors – ‘Our business may be adversely affected by laws or regulations, including environmental, occupational health and 
safety, and other governmental regulations’ and ‘Our business may be adversely affected by changes in automotive safety regulations or 
concerns that drive further regulation of the automobile safety market’” in Item 1A of this Annual Report and in Item 7 under the section 
“Risks and Risk Management” of this Annual Report.

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Human Capital Management
The Company's drive for excellence is what makes Autoliv the world’s leading supplier of automotive safety systems. From the earliest 
stages of product development to sales and design to the final delivery of the finished product, Autoliv's employees are driven by the 
Company's mission to Save More Lives.
The successful execution of the Company's strategies relies on its ability to shape a quality and performance-oriented culture, and to 
adapt quickly to sudden shifts in its circumstances, such as supply chain disruptions and geopolitical instability. As the Company moves 
forward its workforce (employees plus temporary personnel) strives to respond with agility to new possibilities to grow and improve the 
Company's business whilst delivering with excellence to its customers. The Company builds a winning team by focusing on creating a 
work environment that attracts, retains, and engages its employees.
The table below shows the Company's total workforce as of December 31, 2024, and 2023.
 2024 2023
Total workforce 65,200 70,300
Whereof:
Direct workforce in manufacturing 48,000 52,400
Indirect workforce 17,200 17,800
Temporary workforce 9 % 11 %
Talent Attraction, Development, and Retention
The Company believes that attraction, development, and retention of talent is essential to its success, especially in today's environment. 
The Company offers an inclusive work environment where its employees are challenged and achieve great things together. The Company 
seeks individuals who hold varied experiences and viewpoints to create a workplace that allows each employee to do their best work and 
drive the Company's collective success. The Company's workforce reflects the diversity of the countries and cultures in which it operates. 
 
30% of the Company’s workforce is located in the Americas, 19% in Asia (excluding China), 14% in China, and 37% in Europe (including 
South Africa, Tunisia and Turkey). 
Supporting the development of the employees is essential in a highly competitive and rapidly changing environment. An important 
cornerstone of each employee’s growth is the ongoing dialogue between the team member and manager, which is summarized during 
an annual Performance and Development Dialogue (PDD). During the year, 99% of targeted employees conducted a PDD with their 
managers. To provide opportunities for professional and personal growth of the employees, the Company has a multitude of development 
channels, including technical and specialist career paths, international assignments, and other such programs. 
The Company provides market-based competitive compensation through its salary, annual incentive, and long-term incentive programs 
and benefits packages that promote employee well-being across all aspects of their lives.
Health and Safety
The Company is committed to providing a zero-injury work environment that promotes the health, safety, and welfare of its employees. 
Autoliv’s production facilities implement the Company's health and safety management system, which drives continuous improvement in 
health and safety, supported by the Company's leadership. Execution of the system is monitored through internal and external ISO 45001 
occupational health and safety management system audits. At the end of 2024, 66% of the Company's production facilities were certified 
to the ISO 45001 standard.

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Labor Relations
The Company offers fair terms and conditions of employment. The Company's overall purpose, Code of Conduct, talent development 
strategies, and employment policies support the principles in the United Nations Universal Declaration of Human Rights, and the 
International Labor Organization’s Fundamental Principles and Labor Standards.
The Company considers its relationship with its employees to be good. While there have been a small number of minor labor disputes 
historically, such disputes have not had a significant or lasting impact on the Company's relationship with its employees, and customer 
perception of its employee practices or its business results. Around 60 percent of the Company’s workforce outside the United States is 
covered by a collective bargaining agreement.
Major unions in Europe to which some of the Company's employees belong include: IG Metall in Germany; Unite the union in the United 
Kingdom; Confédération Générale des Travailleurs (CGT), Confédération Française Démocratique du Travail (CFDT), Confédération 
Française de l’Encadrement Confédération Générale des cadres (CFE-CGC), Force Ouvrière (FO), Confédération Française des 
Travailleurs Chrétiens (CFTC), Solidaires, Unitaires, Démocratiques (SUD) and Conféderation Autonome du Travail (CAT) in France; 
Union General de Trabajadores (UGT), Union Sindical Obrera (USO), Comisiones Obereras (CCOO) and Confederacion General de 
Trabajadores (CGT) in Spain; IF Metall, Unionen, Sveriges Ingenjörer and Ledarna in Sweden; Industriaal- ja Metallitöötajate 
Ametiühingute Liit (IMTAL) in Estonia; Vasas Szakszervezeti Szövetség (Hungarian Metallworkers‘ Federation) in Hungary; Samorzadny 
NiezalezĪny Zwiazek Zawodowy Pracownikow and Zakladowa Organizacja Związkowa NSZZ Solidarnosc in Poland; National Union of 
Metal Workers South Africa (NUMSA) in South Africa; Union Générale des Travailleurs Tunisiens (UGTT) and Union des travailleurs 
Tunisiens (UTT) in Tunisia, and Türk Metal Sendikasi in Turkey. 
In addition, the Company’s employees in other regions are represented by the following unions: Unifor in Canada; Sindicato de Jornaleros 
y Obreros Industriales y de la Industria Maquiladora de H.Matamoros, Tamaulipas (CTM); Sindicato Nacional de Trabajadores de la 
Industria Metalúrgica y Similares, Federación Valle de Toluca (CTM); Sindicato Nacional “Nueva Cultura Laboral” de trabajadores de la 
fabricación, manufactura, ensamble de autopartes mecánicas y eléctricas y componentes de la Industria Automotriz, C.R.O.C.; Sindicato 
Nacional de Trabajadores de la Industria Arnesera, Eléctrica, Automotriz y Aeronáutica de la República Mexicana; “Nueva Cultura 
Laboral” “de trabajadores de la fabricación, manufactura, ensamble de autopartes mecánicas y eléctricas y componentes de la industria 
Automotriz (CROC); Sindicato Nacional de Trabajadores de la Industria de Autopartes en General y/o Similares, Conexos y sus Servicios 
de la República Mexicana, in Mexico; Sindicato Industrial de Trabajadores de la Transformación, Construcción, Automotriz, Agropecuaria, 
Plásticos y de la Industria en General, del Comercio y Servicios, Similares, anexos y conexos del Estado de Querétaro “Ángel Castillo 
Resendiz”; Sindicato dos Metalúrgicos de Taubaté e Região in Brazil; Autoliv India Employees Association, Bangalore & Mysore in India; 
Korean Metal Workers Union (FKTU) in South Korea; Autoliv Japan Roudou Kumiai in Japan, and All-China Federation of Trade Unions 
in China. 
In many European countries, Canada, Mexico, Brazil and South Korea, wages, salaries and general working conditions are negotiated 
with local unions and/or are subject to centrally negotiated collective bargaining agreements. The terms of the Company's various 
agreements with unions typically range between one to three years. Some of the Company's subsidiaries in Europe, Canada, Mexico, 
Brazil and South Korea must negotiate with the applicable local unions with respect to important changes in operations, working and 
employment conditions. Twice a year, members of the Company’s management conduct a meeting with the European Works Council 
(EWC) to provide employee representatives with important information about the Company and a forum for the exchange of ideas and 
opinions. In many Asia Pacific countries, the central or regional governments provide guidance each year for salary adjustments or 
statutory minimum wage for workers. The Company's employees may join associations in accordance with local legislation and rules, 
although the level of unionization varies significantly throughout its operations.
Available Information
The Company files or furnishes with the United States Securities and Exchange Commission (the “SEC”) periodic reports and 
amendments thereto, which include annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy 
statements, and other information. Such reports, amendments, proxy statements, and other information are made available free of charge 
on the Company's corporate website at www.autoliv.com and are available as soon as reasonably practicable after they are electronically 
filed with the SEC. The Company's Corporate Governance Guidelines, committee charters, code of conduct, and other documents 
governing the Company are also available on its corporate website at www.autoliv.com. The SEC maintains an internet site that contains 
reports, proxy statements and other information at www.sec.gov. Hard copies of the above-mentioned documents can be obtained free 
of charge by contacting the Company at: Autoliv, Inc., P.O. Box 70381, SE-107 24, Stockholm, Sweden.

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Item 1A. Risk Factors
Our business, financial condition, operating results and cash flows may be impacted by a number of factors. A discussion of the risks 
associated with these material risk factors is included below.
RISKS RELATED TO OUR INDUSTRY
The cyclical nature of automotive sales and production can adversely affect our business. Our business is directly related to 
LVP in the global market and by our customers, and automotive sales and LVP are the most important drivers for our sales 
Automotive sales and production are highly cyclical and can be affected by general or regional economic or industry conditions, the level 
of consumer demand, recalls and other safety issues, labor relations issues, technological changes, fuel prices and availability, vehicle 
safety regulations and other regulatory requirements, governmental initiatives, trade agreements, political volatility (especially in energy 
producing countries and growth markets), changes in interest rate levels and credit availability, and other factors. Some regions around 
the world may at various times be more particularly impacted by these factors than other regions. Economic declines that result in a 
significant reduction in automotive sales and production by our customers have in the past had, and may in the future have, a material 
adverse effect on our business, results of operations, and financial condition. Our sales are also affected by the inventory levels of our 
customers, which we cannot predict. Customers may choose to increase or reduce inventory levels at any time, and new inventory levels 
may not align with historical trends. These fluctuations can add variability to our production schedules and order intake, potentially 
impacting our revenues and financial condition. Uncertainty regarding inventory levels may be further impacted by consumer financing 
programs initiated or terminated by our customers or governments, as such changes can influence the timing of sales. Changes in 
automotive sales and LVP and/or customers’ inventory levels will have an impact on our financial targets, earnings guidance, and 
estimates. In addition, we base our growth projections in part on business awards, or order intake, made by our customers. However, 
actual production orders from our customers may not approximate the awarded business or our estimated order intake. Any significant 
reduction in automotive sales and/or LVP by our customers, whether due to general economic conditions or any other factors relevant to 
sales or LVP, could have a material adverse effect on our business, results of operations, and financial condition.
Growth rates in safety content per vehicle, which can be impacted by changes in consumer trends, political decisions, crash 
test ratings and safety regulations could affect our results in the future
The Company estimates that the average global content of passive safety systems per light vehicle in 2024 was unchanged around $260. 
Vehicles produced in different markets may have various passive safety content values. For example, in high-income markets, light 
vehicles have an average passive safety content values of around $340 per vehicle, whereas in growth markets such as China and India 
the average passive safety content per vehicle is approximately $200 and $120, respectively. Due to the concentration of the majority of 
the growth in global LVP over time in growth markets, our operating results may be impacted if the passive safety content per vehicle 
remains low and if the penetration of automotive safety systems does not increase in these regions. As passive safety content per vehicle 
is also an indicator of our sales development, should these trends continue, the average value of passive safety systems per vehicle 
could decline.
We operate in a highly competitive market
The market for passive safety systems is highly competitive. We compete with a number of other companies that produce and sell similar 
products. Among other factors, our products compete on the basis of price, quality, manufacturing and distribution capability, design and 
performance, technological innovation, delivery, and service. Some of our competitors are subsidiaries (or divisions, units or similar) of 
companies that are larger and have greater financial and other resources than us. Some of our competitors may also have a “preferred 
status” as a result of special relationships or ownership interests with certain customers. Our ability to compete successfully depends, in 
large part, on our success in continuing to innovate and manufacture products that have commercial success with our customer and end-
consumers, differentiating our products from those of our competitors, continuing to deliver quality products in the time frames required 
by our customers, and maintaining best-cost production. We continue to invest in technology and innovation which we believe will be 
critical to our long-term growth. Our ability to maintain and improve existing products, while successfully developing and introducing 
distinctive new and enhanced products that anticipate changing customer and consumer preferences and capitalize upon emerging 
technologies will be a significant factor in our ability to remain competitive. We may not be able to effectively implement new technology-
driven products and services or be successful in marketing such products and services. In addition, our implementation of certain new 
technologies, such as those related to artificial intelligence, automation and algorithms, may have unintended consequences due to any 
limitations or failure to use them effectively. If we are unsuccessful or are less successful than our competitors in predicting the course of 
market development, developing innovative products, processes, and/or use of materials or adapting to new technologies or evolving 
regulatory, industry or customer requirements, we may be placed at a competitive disadvantage. For example, our customers are 
increasingly focused on developing electric vehicles. If we fail to be awarded business on electric vehicle models, or these electric vehicles 
are not successful commercially, it will harm our future business prospects. Our competitive environment continues to change, including 
increased competition from entrants outside the traditional automotive industry, creating uncertainty about the future competitive 
landscape. Given the competitive nature of our business, the number of awards we are awarded relative to our peers may decrease over 
time and our past order intake is not an indicator of future levels or order intake. Additionally, OEMs rigorously evaluate our performance 
and products against those of our competitors on the basis of product quality, reliability and cost-effectiveness. If one or more of our OEM 
customers determine that they could achieve overall better financial results by incorporating a competitor’s new or existing product, it 
could affect our ability to be competitive and may decrease our current market share. The inability to compete successfully could have a 
material adverse effect on our business, results of operations, and financial condition.

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The discontinuation, lack of commercial success, or loss of business with respect to a particular vehicle model for which we 
are a significant supplier could reduce our sales and harm our business
A number of our customer contracts generally require us to supply a customer’s annual requirements for a particular vehicle model and 
assembly facilities, rather than for manufacturing a specific quantity of products. Such contracts range from one year to the life of the 
model, which is generally four to seven years. These contracts are often subject to renegotiation, sometimes as frequently as annually, 
which may affect product pricing, and generally may be terminated by our customers at any time. Therefore, the discontinuation of, the 
loss of business with respect to, or a lack of commercial success of a particular vehicle model or brand for which we are a significant 
supplier could reduce our sales and harm our business prospects, operating results, cash flows, or financial condition.
We are working to expand our product offerings beyond light passenger vehicles to include other mobility safety solutions. If 
we are not successful in expanding our product offerings or if it takes longer or costs are more than expected, it could harm 
our business 
The Company is working to expand its product offerings to focus on mobility safety solutions. Because mobility safety product offerings 
are currently in the development stages, it is difficult for us to anticipate the level of sales they may generate. The expansion of our 
product offering will require us to invest time and resources to develop innovative products, such as wearables and two-wheeler passive 
safety products, that keep pace with continuing changes in industry standards and to reach new customers who have rapidly changing 
preferences. Our product offerings might not receive customer acceptance if customer preferences shift to other products, and our future 
success depends in part on our ability to anticipate and respond to these changes. If we are not successful in expanding our product 
offerings or if it takes longer or costs are more than expected, it could negatively impact our financial results, competitive position, and 
future business prospects.
RISKS RELATED TO OUR BUSINESS
We may incur material losses and costs as a result of product liability, warranty, and recall claims that may be brought against 
us or our customers
We face risks related to product liability claims, warranty claims, and recalls in the event that any of our products actually or allegedly are 
defective, fail to perform as expected, or the use of our products results, or is alleged to result, in bodily injury and/or property damage. 
We may not be able to anticipate all of the possible performance or reliability problems that could arise with our products after they are 
released to the market. Additionally, increasing regulation and reporting requirements regarding potentially defective products, particularly 
in the U.S., may increase the possibility that we become involved in additional product liability or recall investigations or claims. See – 
“Our business may be adversely affected by changes in automotive safety regulations or concerns that drive further regulation of the 
automobile safety market”. Although we currently carry product liability and product recall insurance in excess of our self-insured amounts, 
no assurance can be made that such insurance will provide adequate coverage against potential claims, such insurance is available or 
will continue to be available in the appropriate markets, or that we will be able to obtain such insurance on acceptable terms in the future. 
The cost of such insurance has risen in recent years and our self-insured amounts have risen as well. Although we have invested and 
will continue to invest in our engineering, design, and quality infrastructure, we cannot give any assurance that our products will not suffer 
from defects or other deficiencies or that we will not experience material warranty claims or product recalls. In the future, we could 
experience material warranty or product liability losses and incur significant costs to process and defend these claims. A successful claim 
brought against us in excess of available insurance coverage, if any, or a requirement to participate in any product recall, could have a 
material adverse effect on our operating results, cash flows, or financial condition. Future recalls could result in costs not covered by 
insurance in excess of our self-insurance, further government inquiries, litigation, reputational harm, and could divert management’s 
attention away from other matters. The main variables affecting the costs of a recall are the number of vehicles ultimately determined to 
be affected by the issue, the cost per vehicle associated with a recall, the determination of proportionate responsibility among the 
customer, the Company, and any relevant sub-suppliers, and actual insurance recoveries. Every vehicle manufacturer has its own 
practices regarding product recalls and other product liability actions relating to its suppliers, and the performance and remedial 
requirements vary between jurisdictions. Due to recall activity in the automotive industry over the past decade, some vehicle manufactures 
have become even more sensitive to product recall risks. Government regulators have also become more focused on potential recall 
risks as demonstrated by the US National Highway Traffic Safety Administration (“NHTSA”) investigation of the ARC inflators. If NHTSA 
proceeds with any recalls of ARC inflators, such a recall could have a material impact on our results of operations. As suppliers become 
more integrally involved in the vehicle design process and assume more of the vehicle assembly functions, vehicle manufacturers are 
increasingly looking to their suppliers for contribution when faced with recalls and product liability claims. Product recalls in our industry, 
even when they do not involve our products, can harm the reputations of our customers, competitors, and us, particularly if those recalls 
cause consumers to question the safety or reliability of products similar to those we produce. In addition, with global platforms and 
procedures, vehicle manufacturers are increasingly evaluating our quality performance on a global basis; any one or more quality, 
warranty or other recall issue(s) (including issues affecting few units and/or having a small financial impact) may cause a vehicle 
manufacturer to implement measures which may have a severe impact on our operations, such as a global, temporary or prolonged 
suspension of new orders. In addition, as our products more frequently use global designs and are based on or utilize the same or similar 
parts, components or solutions, there is a risk that the number of vehicles affected globally by a failure or defect will increase significantly 
with a corresponding increase in our costs. A warranty, recall or product liability claim brought against us in excess of our available 
insurance may have a material adverse effect on our business. Vehicle manufacturers are also increasingly requiring their outside 
suppliers to guarantee or warrant their products and bear the costs of repair and replacement of such products under new vehicle 
warranties. A vehicle manufacturer may attempt to hold us responsible for some or the entire repair or replacement costs of defective 
products under new vehicle warranties when the product supplied did not perform as represented. Accordingly, the future costs of warranty 
claims by our customers may be material. However, the final amounts determined to be due related to these matters could differ materially 
from our recorded warranty estimates and our business prospects, operating results, cash flows or financial condition may be materially 
impacted as a result. In addition, as we adopt new technology, we face an inherent risk of exposure to the claims of others that we have 
allegedly violated their intellectual property rights. We cannot assure that we will not experience any material warranty, product liability or

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intellectual property claim losses in the future or that we will not incur significant costs to defend such claims. See “If our patents are 
declared invalid or our technology infringes on the proprietary rights of others, our ability to compete may be impaired”.
Escalating pricing pressures from our customers may adversely affect our business
The automotive industry continues to experience aggressive pricing pressure from customers. This trend is partly attributable to the major 
automobile manufacturers’ strong purchasing power. As with other automotive component manufacturers, we are often expected to quote 
fixed prices or are forced to accept prices with annual price reduction commitments for long-term sales arrangements or discounted 
reimbursements for engineering work. Price reductions have impacted our sales and profit margins and are expected to continue to do 
so in the future. While we have recently received inflation related pricing concessions from most of our customers, there is no guarantee 
that this will occur in the future. Our future profitability will depend upon, among other things, our ability to continuously reduce our cost 
per unit and maintain our cost structure, enabling us to remain cost-competitive. Our profitability is also influenced by our success in 
designing and marketing technological improvements in automotive safety systems, which helps us offset price reductions by our 
customers. If we are unable to offset continued price reductions through improved operating efficiencies and reduced expenditures, these 
price reductions may have a material adverse effect on our business prospects, operating results, cash flows or financial condition. 
We could experience disruption in our supply or delivery chain, which could cause one or more of our customers to halt or 
delay production
We, as with other component manufactures in the automotive industry, ship our products to customer vehicle assembly facilities 
throughout the world on a “just-in-time” basis for our customers to maintain low inventory levels. Our suppliers (external suppliers as well 
as our own production sites) use a similar method in providing raw materials to us. However, this “just-in-time” method makes the logistics 
supply chain in our industry very complex and vulnerable to disruption. Disruptions in our supply chain may result for many reasons, 
including closures of one of our own or one of our suppliers’ facilities or critical manufacturing lines due to strikes or other labor disputes, 
mechanical failures, electrical outages, fires, explosions, critical pollution levels, critical health and safety and other working conditions 
issues (including epidemics and pandemics), natural disasters, war, political upheaval, as well as logistical complications due to labor 
disruptions, weather or natural disasters, acts of terrorism or violence (such as the disruptions in shipping in the Red Sea), mechanical 
failures, and legislation or regulation regarding the transport of hazardous goods. Inflation and pricing pressures have also negatively 
impacted companies in our supply chain. Additionally, we may experience disruptions if there are newly imposed trade restrictions or 
delays in customs processing, including if we are unable to obtain government authorization to export or import certain materials, including 
materials that may be viewed as dangerous such as the propellant used for our inflators. As we continue to expand in growth markets, 
the risk of such disruptions is heightened. The unavailability of even a single small subcomponent necessary to manufacture one of our 
products, for whatever reason, could force us to cease production of that product, possibly for a prolonged period. Similarly, a potential 
quality issue could force us to halt deliveries while we validate the products. Even when products are ready to be shipped, or have been 
shipped, delays may arise before they reach our customer. Also, similar difficulties for other suppliers may force our customers to halt 
production, which may in turn impact our sales shipments to such customers. When we fail to timely deliver, we may have to absorb our 
own costs for identifying and resolving the ultimate problem as well as expeditiously producing and shipping replacement components or 
products. Generally, we must also carry the costs associated with “catching up,” such as overtime and premium freight. If we are the 
cause of a customer being forced to halt production, the customer may seek to recoup all of its losses and expenses from us. These 
losses and expenses could be very significant and may include consequential losses such as lost profits. Where a customer halts 
production because of another supplier failing to deliver on time, we may not be fully compensated, if at all. Thus, any such supply chain 
disruptions could severely impact our operations and/or those of our customers and force us to halt production for prolonged periods of 
time which could expose us to material claims for compensation and have a material adverse effect on our business prospects, operating 
results, or financial condition.
Adverse developments affecting our suppliers could harm our profitability
Any significant disruption in our supplier relationships, particularly relationships with single-source suppliers, could harm our profitability. 
Furthermore, some of our suppliers may not be able to sufficiently manage the currency commodity cost volatility and/or sharply changing 
volumes while still performing as we expect. For example, recalls or field actions from our customers can stress the capacity of our supply 
chain and may inhibit our ability to timely deliver order volumes. We may incur costs as we try to make contingency plans to manage the 
risks for delivery delays, production delays, production issues or delivery of non-conforming products by our suppliers.  
Changes in the source, cost, availability of and regulations pertaining to raw materials and components may adversely affect 
our profit margins
Our business uses a broad range of raw materials and components in the manufacture of our products, nearly all of which are generally 
available from a number of qualified suppliers. Our industry may be affected from time to time by limited supplies or price fluctuations of 
certain key components and materials. Strong worldwide demand for certain raw materials has had a significant impact on prices and 
short-term availability in recent years. Such price increases have and could materially increase our operating costs and materially and 
adversely affect our profit margin, as direct material costs amounted to approximately 55% of our net sales in 2024, of which approximately 
half is the raw material cost portion. Inflation is currently high world-wide and may continue for some time, which could lead to fluctuations 
in interest rates. Commercial negotiations with our customers and suppliers may not always offset all of the adverse impact of higher raw 
material, energy, labor, logistics, and commodity costs, including those resulting from tariffs and trade restrictions (including retaliatory 
tariffs) due to the change in administration in the U.S. Commercial negotiations with our customers and suppliers may not be successful 
in the future. Even where we are able to pass price increases along to our customer, there may be (i) a lapse of time before we are able 
to do so such that we must absorb the cost increase, and (ii) a negative impact on our relationships with such customers and suppliers 
which may limit our success in securing future awards from customers and securing acceptable supplies from suppliers. In addition, no 
assurances can be given that the magnitude and duration of such cost increases or any future cost increases could not have a larger 
adverse impact on our profitability and consolidated financial position than currently anticipated. Furthermore, if costs for raw materials 
go down, the price for our products may decrease as well as the price is indexed to the cost of raw materials. Additionally, various 
government regulators require companies that manufacture products containing certain minerals and their derivatives that are known as 
“conflict minerals”, originating from the Democratic Republic of Congo or adjoining countries to perform due diligence and report the 
source of such materials. There are significant resources associated with complying with these requirements, including diligence efforts

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to determine the sources of conflict minerals used in our products and potential changes to our processes or supplies as a consequence 
of such diligence efforts. As there may be only a limited number of suppliers able to offer certified “conflict free” conflict minerals, there 
can be no assurance that we will be able to obtain necessary conflict free minerals from such suppliers in sufficient quantities or at 
competitive prices. We may face reputational challenges if we determine that certain of our products contain minerals not determined to 
be conflict free or if we are unable to sufficiently verify the origins for all minerals used in our products through the procedures we may 
implement. Furthermore, our customers are also increasingly requiring us to track sustainable sources of certain raw materials, which 
also requires additional diligence efforts and there can be no assurance that we will be able to obtain these materials in a cost-efficient 
and sustainable manner. Accordingly, these rules and customer requirements may adversely affect our business prospects, operating 
results, cash flows, or financial condition.
Our business could be materially and adversely affected if we lost any of our largest customers or if they were unable to pay 
their invoices
We are dependent on a few large customers with strong purchasing power. This is the result of customer consolidation in the last few 
decades. In 2024, our top five customers represented around 44% of our consolidated sales, and our largest customer contract accounted 
for around 4% of our consolidated sales. Although business with any given customer is typically split into several contracts (either on the 
basis of one contract per vehicle model or on a broader platform basis), the loss of business from any of our major customers (whether 
by lower overall demand for vehicles, cancellation of existing contracts or the failure to award us new business) could have a material 
adverse effect on our business, results of operations, and financial condition. Similarly, further consolidation of our customers in the future 
could make us more reliant upon a smaller group of customers for a significant portion of our consolidated sales and negatively impact 
our bargaining power when contracting with such customers. Customers may put us on a “new business hold,” which would limit our 
ability to quote or be awarded all or part of their future vehicle contracts if quality or other issues arise in the vehicles for which we were 
a supplier. This could have a significant negative impact on our order intake. Such new business holds range in length and scope and 
are generally accompanied by a certain set of remedial conditions that must be met before we are eligible to bid for new business. Meeting 
any such conditions within the prescribed timeframe may require additional Company resources. A failure to satisfy any such conditions 
may have a material adverse impact on our financial results in the long term. There is a risk that one or more of our major customers may 
be unable to pay our invoices as they become due or that a customer will simply refuse to make such payments given its financial 
difficulties. If a major customer enters into bankruptcy proceedings or similar proceedings whereby contractual commitments are subject 
to stay of execution and the possibility of legal or other modification, or if a major customer otherwise successfully procures protection 
against us legally enforcing its obligations, it is likely, absent special relief such as having a “preferred status”, that we will be forced to 
record a substantial loss. Additional information concerning our major customers is included in Note 20, Segment Information, of the 
Consolidated Financial Statements in this Annual Report.
Our inability to effectively manage the timing, quality and costs of new program launches could adversely affect our financial 
performance
To compete effectively in the automotive supply industry, we must be able to launch new products to meet our customers’ timing, 
performance, and quality standards. At times, we face an uneven number of launches and some launches, for various reasons, may have 
shortened launch lead times. We cannot provide assurance that we will be able to install and certify the equipment needed to produce 
products for new programs in time for the start of production, or that the transitioning of our manufacturing facilities and resources to full 
production for such new programs will not impact production rates or other operational efficiency measures at our facilities. In addition, 
we cannot provide assurance that our customers will execute on schedule the launch of their new product programs, for which we might 
supply products. Additionally, as a Tier 1 supplier, we must effectively coordinate the activities of numerous suppliers in order to launch 
programs successfully. Given the complexity of new program launches, especially involving new and innovative technologies, we may 
experience difficulties managing product quality, timeliness and associated costs. In addition, new program launches require a significant 
ramp up of costs; however, the sales related to these new programs generally are dependent upon the timing and success of the 
introduction of new vehicles by the Company’s customers. Our inability to effectively manage the timing, quality and costs of these new 
program launches could adversely affect our business prospects, operating results, cash flows, or financial condition.
Changes in our product mix may impact our financial performance
We sell products that have varying profit margins. Our financial performance can be impacted depending on the mix of products we sell 
during a given period. Our earnings guidance, estimates, and financial targets assume a certain product sales mix as well as a geographic 
sales mix as many of the growth markets have a lower content per vehicle. If actual results vary significantly from this projected product 
and geographic mix of sales, our operating results and financial condition could be negatively impacted.

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We are involved from time to time in legal proceedings and our business may suffer as a result of adverse outcomes of current 
or future legal proceedings
We are, from time to time, involved in litigation, regulatory proceedings, and commercial or contractual disputes that may be significant. 
These matters may include, without limitation, disputes with our suppliers and customers, intellectual property claims, shareholder 
litigation, government investigations, class action lawsuits, personal injury claims, product liability claims, environmental issues, antitrust, 
customs and VAT disputes, and employment and tax issues. In such matters, government agencies or private parties may seek to recover 
from us very large, indeterminate amounts in penalties or monetary damages (including, in some cases, treble or punitive damages) or 
seek to limit our operations in some way. The possibility exists that claims may be asserted against us and their magnitude may remain 
unknown for long periods of time. These types of lawsuits could require a significant amount of management’s time and attention and a 
substantial legal liability or adverse regulatory outcome and the substantial expenses to defend the litigation or regulatory proceedings 
may have a material adverse effect on our customer relationships, business prospects, reputation, operating results, cash flows, and 
financial condition. No assurances can be given that such proceedings and claims will not have a material adverse impact on our 
profitability and consolidated financial position or that our established reserves or our available insurance will mitigate such impact.
We are and may be in the future subject to civil antitrust litigation that could negatively impact our business
The Company was previously the subject of an investigation by the European Commission (“EC”) regarding possible anti-competitive 
behavior among certain suppliers to the automotive vehicle industry that was resolved in 2019. The Company is subject to civil antitrust 
lawsuits in the UK and Germany filed by certain customers with respect to allegations over a decade ago and may be subject to such civil 
antitrust lawsuits in the future in countries that permit such civil claims, including lawsuits or other actions by our customers. The trial 
associated with the lawsuit in the UK recently concluded and a ruling in the proceeding is expected imminently. These types of lawsuits 
require significant management time and attention and could result in significant expenses. Any unfavorable outcomes of such lawsuits 
could have a material adverse impact on our customer relationships, business prospects, reputation, operating results, cash flows, or 
financial condition, and our insurance may not mitigate such impact. See Note 18, Contingent Liabilities, to the Consolidated Financial 
Statements in this Annual Report.
Work stoppages, slow-downs or other labor issues at our customers’ facilities or at our facilities could adversely affect our 
operations
Because the automotive industry relies heavily on “just-in-time” delivery of components during the assembly and manufacture of vehicles, 
a work stoppage or slow-down at one or more of the Company’s facilities could have a material adverse effect on our business. Similarly, 
if any of our customers were to experience a work stoppage or slow-down, that customer may halt or limit the purchase of our products. 
Similarly, a work stoppage or slow-down at another supplier could interrupt production at one of our customers’ facilities which would 
have the same effect. While labor contract negotiations at our facilities historically have rarely resulted in work stoppages, no assurances 
can be given that we will be able to negotiate acceptable contracts with these unions or that our failure to do so will not result in work 
stoppages. A work stoppage or other labor disruption at one or more of our facilities or our customers’ facilities could cause us to shut 
down production facilities supplying these products, which could have a material adverse effect on our business, results of operations, 
and financial condition.
Our ability to operate our company effectively could be impaired if we fail to attract and retain executive officers and other key 
personnel
Our ability to operate our business and implement our strategies effectively depends, in part, on the efforts of our executive officers and 
other key employees. In addition, our future success will depend on, among other factors, our ability to attract, develop, and retain other 
qualified personnel, particularly engineers and other employees with software and technical expertise. The loss of the services of any of 
our executive officers or other key employees or the failure to attract, develop, or retain other qualified personnel could have a material 
adverse effect on our business.
Restructuring, efficiency, and strategic initiatives and capacity alignments are complex and difficult and at any time additional 
restructuring steps may be necessary, possibly on short notice and at significant cost
Our restructuring, efficiency, and strategic initiatives and capacity alignments include efforts to adjust our manufacturing capacity, direct 
and indirect labor workforce, and cost structure to meet current and projected operational and market requirements, including plant 
closures, transfer of sourcing to best cost countries, consolidation of our supplier base, and standardization of products to reduce our 
overhead costs and consolidate our operational centers. The successful implementation of our restructuring activities and capacity 
alignments will involve sourcing, logistics, technology, and employment arrangements. Because these restructuring, efficiency, and 
strategic initiatives and capacity alignments can be complex, there may be difficulties or delays in the implementation of any such 
initiatives and capacity alignments or they may not be immediately effective, resulting in an adverse material impact on our performance. 
In addition, there is a risk that inflation, high-turnover rates, and increased competition may reduce the efficiencies now available in best-
cost countries to levels that no longer allow for cost-beneficial restructuring opportunities. Therefore, there can be no assurances that any 
future restructurings or capacity alignments will be completed as planned or achieve the desired results. See Note 12, Restructuring, to 
the Consolidated Financial Statements in this Annual Report.

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A prolonged recession and/or a downturn in our industry could result in us having insufficient funds to continue our operations 
and external financing may not be available to us or available only on materially different terms than what has historically been 
available
Our ability to generate cash from our operations is highly dependent on automotive sales and LVP, the global economy, and the 
economies of our important markets. If LVP were to remain on low levels for an extended period of time, we would experience a 
significantly negative cash flow. Similarly, if cash losses for customer defaults rise sharply, we would experience a negative cash flow. 
Such negative cash flow could result in our having insufficient funds to continue our operations unless we can procure external financing, 
which may not be possible. Our access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient 
amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors. Our 
ability to obtain unsecured funding at a reasonable cost is dependent on our credit ratings or our perceived creditworthiness. Our current 
credit rating could be lowered as a result of us experiencing significant negative cash flows, increasing our indebtedness and leverage, 
or a dire financial outlook, which may affect our ability to procure financing. We may also for the same, or other reasons, find it difficult to 
secure new long-term credit facilities, at reasonable terms, when our principal credit facility expires in 2029. Further, even our existing 
unutilized credit facilities may not be available to us as agreed, or only at additional cost, if participating banks are unable to raise the 
necessary funds, where, for instance, financial markets are not functioning as expected or one or more banks in our principal credit facility 
syndicate were to default. As a result, we cannot assure you that we will continue to have sufficient liquidity to meet our operating needs. 
In the event that we do not have sufficient external financing, we may be required to seek additional capital, sell assets, reduce or cut 
back our operating activities or otherwise alter our business strategy. Information concerning our credit facilities and other financings is 
included in Item 7 in this Annual Report in the section headed “Treasury Activities” and in Note 14, Debt and Credit Agreements, to the 
Consolidated Financial Statements in this Annual Report.
Our indebtedness may harm our financial condition and results of operations
As of December 31, 2024, we have outstanding debt of $1.9 billion. We may incur additional debt for a variety of reasons. Although our 
significant credit facilities and debt agreements do not have any financial covenants, our level of indebtedness will have several important 
effects on our future operations, including, without limitation: a portion of our cash flows from operations will be dedicated to the payment 
of any interest or could be used for amortization required with respect to outstanding indebtedness; increases in our outstanding 
indebtedness and leverage will increase our vulnerability to adverse changes in general economic and industry conditions, as well as to 
competitive pressure; depending on the levels of our outstanding debt, our ability to obtain additional financing for working capital, 
acquisitions, capital expenditures, general corporate and other purposes may be limited; and potential future tightening of the availability 
of capital both from financial institutions and the debt markets may have an adverse effect on our ability to access additional capital.
Governmental restrictions may impact our business adversely
Some of our customers are (or may be) owned by a governmental entity, receive various forms of governmental aid or support, or are 
subject to governmental influence in other forms, which may impact us as a supplier to these customers. As a result, they may be required 
to partner with local entities or procure components from local suppliers to achieve a specific local content or be subject to other 
restrictions regarding localized content or ownership. The nature and form of any such restrictions or protections, whatever their basis, is 
very difficult to predict as is their potential impact. However, they are likely to be based on political rather than economical or operational 
considerations and may materially impact our business.
Impairment charges relating to our assets, goodwill and other intangible assets could adversely affect our financial performance
We periodically review the carrying value of our assets, goodwill and other intangible assets for impairment indicators. If one or more of 
our customers’ facilities cease production or decrease their production volumes, the assets we carry related to our facilities serving such 
customers may decrease in value because we may no longer be able to utilize or realize them as intended. Where such decreases are 
significant, such impairments may have a material adverse impact on our financial results. We monitor the various factors that impact the 
valuation of our goodwill and other intangible assets, including expected future cash flow levels, global economic conditions, market price 
for our stock, and trends with our customers. Impairment of goodwill and other identifiable intangible assets may result from, among other 
things, deterioration in our performance and especially the cash flow performance of these goodwill assets, adverse market conditions 
and adverse changes in applicable laws or regulations. If there are changes in these circumstances or the other variables associated with 
the estimates, judgments and assumptions relating to the valuation of goodwill, when assessing the valuation of our goodwill items, we 
may determine that it is appropriate to write down a portion of our goodwill or intangible assets and record related non-cash impairment 
charges. In the event that we determine that we are required to write-down a portion of our goodwill items and other intangible assets 
and thereby record related non-cash impairment charges, our financial condition and operating results would be adversely affected.

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We face risks related to our defined benefit pension plans and employee benefit plans, including the need for additional funding 
as well as higher costs and liabilities
Our defined benefit pension plans and employee benefit plans may require additional funding or give rise to higher related costs and 
liabilities which, in some circumstances, could reach material amounts and negatively affect our operating results. We are required to 
make certain year-end assumptions regarding our pension plans. Our pension obligations are dependent on several factors, including 
factors outside our control such as changes in interest rates, the market performance of the diversified investments underlying the pension 
plans, actuarial data and adjustments and an increase in the minimum funding requirements or other regulatory changes governing the 
plans. Adverse equity market conditions and volatility in the credit market may have an unfavorable impact on the value of our pension 
assets and our future estimated pension liabilities. Internal factors such as an adjustment to the level of benefits provided under the plans 
may also lead to an increase in our pension liability. If these or other internal and external risks were to occur, alone or in combination, 
our required contributions to the plans and the costs and net liabilities associated with the plans could increase substantially and have a 
material effect on our business. Information concerning our benefit plans is included in Note 19, Retirement Plans, of the Consolidated 
Financial Statements in this Annual Report.
We may not be able to, or we may decide not to, pay dividends or repurchase shares at a level anticipated by our shareholders, 
which could reduce shareholder returns 
The extent to which we pay dividends on our common stock and repurchase our common stock in the future is at the discretion of our 
Board of Directors and depends upon a number of factors, including our earnings, financial condition, cash and capital needs, 
indebtedness and leverage, and general economic or business conditions. No assurance can be given that we will be able to or will 
choose to pay any dividends or repurchase any shares in the foreseeable future. 
Cybersecurity incidents or other damage to our technology infrastructure could disrupt business operations, result in the loss 
of critical and confidential information, and adversely impact our reputation and operating results
We rely extensively on information technology (“IT”) networks and systems, our global data centers and services provided over the 
internet to process, transmit and store electronic information, and to manage or support a variety of business processes or activities 
across our facilities worldwide. In addition, a greater number of our employees are working remotely which may increase cybersecurity 
vulnerabilities and risk to our IT networks and systems. The secure operation of our IT networks and systems and the proper processing 
and maintenance of this information are critical to our business operations. We have been, and likely will continue to be, subject to cyber-
attacks. Although we seek to deploy comprehensive security measures to prevent, detect, address and mitigate these threats, there has 
been an increased level of activity, and an associated level of sophistication, in cyber-attacks against large multinational companies. 
Threat actors, including nation state attackers, could also use artificial intelligence for malicious purposes, increasing the frequency and 
complexity of their attacks. The ever-evolving threats mean we and our third-party service providers and vendors must continually 
evaluate and adapt our respective systems and processes and overall security environment, as well as those of any companies we 
acquire. There is no guarantee that these measures will be fully implemented, complied with, or effective in safeguarding against all data 
security breaches, system compromises or misuses of data. Our security measures may be breached due to human or technological 
error, employee malfeasance, system malfunctions or attacks from uncoordinated individuals or sophisticated and targeted measures 
known as advanced persistent threats, directed at the Company, its products, its customers, its third-party service providers, and/or other 
entities with whom we do business. Because techniques used to obtain unauthorized access or to sabotage systems change frequently 
and generally are not recognized until they are launched against a target, we may be unable to anticipate these techniques or to implement 
adequate preventative measures. Disruptions and attacks on our IT systems or the systems of third parties storing our data or employee 
malfeasance or human or technological error could result in the misappropriation, loss, destruction or corruption of our critical data and 
confidential or proprietary information, personal information of our employees, the leakage of our or our customers’ confidential 
information, improper use of our systems and networks, production downtimes and both internal and external supply shortages, which 
could have a material adverse effect on our results of operations. It may also result in the theft of intellectual property or other 
misappropriation of assets, or otherwise compromise our confidential or proprietary information and materially disrupt our operations. The 
potential consequences of a material cybersecurity incident include reputational damage, damaged customer relationships, loss of 
revenue, lower order intake in the future, theft of intellectual property, litigation with third parties, diminution in the value of our investment 
in research, development and engineering, diversion of the attention of management away from the operation of our business and 
increased cybersecurity protection and remediation costs, legal claims and liability, regulatory scrutiny, sanctions, fines or penalties (which 
may not be covered by our insurance policies), negative publicity, release of sensitive and/or confidential information, increases in 
operating expenses, or lost revenues which in turn could adversely affect our competitiveness and results of operations. To the extent 
that any disruption or security breach results in a misappropriation, loss, destruction or corruption of our customer’s information, it could 
affect our relationships with our customers, create significant expense for us to investigate and remediate damage, lead to claims against 
the Company and ultimately harm our business, strategy, result of operations, or financial condition. In addition, we may be required to 
incur significant costs to protect against damage caused by these disruptions or security breaches in the future. In the event that our 
systems are breached or attacked, we may also suffer an outage, failure, or unavailability of data or information technology systems, and 
interruptions to our business operations while such breach or attacked is being remedied; this may impact data or systems operated by 
us or by third-party service providers. In addition, as the regulatory environment related to information security, data collection and use, 
and privacy becomes increasingly rigorous, with new and constantly changing requirements applicable to our business, compliance with 
those requirements could result in additional costs. Furthermore, our technology systems are vulnerable to damage or interruption from 
natural disasters, power loss and telecommunication failures. We continuously seek to maintain a robust program of information security 
and controls, however, any future significant compromise or breach of our data security, whether external or internal, or misuse of 
customer, associate, supplier or Company data, could result in significant costs, lost sales, fines, lawsuits, and damage to our reputation.

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Third parties that maintain certain of our confidential and proprietary information could experience a cybersecurity incident
We rely on third parties to provide or maintain some of our IT systems, data centers and related services and do not exercise direct 
control over these systems. Despite the implementation of security measures at third party locations, these IT systems, data centers and 
cloud services are also vulnerable to security breaches or other disruptions. Additionally, we and certain of our third-party vendors, collect 
and store personal information in connection with human resources operations and other aspects of our business. While we obtain 
assurances that any third parties to whom we provide data will protect this information and, where we deem appropriate, monitor the 
protections they employ, there remains a risk that the confidentiality of data held by us or by third parties may be compromised, exposing 
us to liability for such breach.
Global climate change could negatively affect our business
Increased public awareness and concern regarding global climate change may result in more regional and/or national requirements to 
reduce or mitigate the effects of greenhouse gas emissions. In addition, our shareholders and customers also expect us to reduce our 
greenhouse gas emissions. There continues to be a lack of consistent climate legislation, which creates economic and regulatory 
uncertainty. Any future regulations aimed at mitigating climate change may negatively impact the prices of raw materials and energy, as  
well as the demand for certain of our customer’s products which could in turn impact demand for our products and impact our results of 
operations. The costs of compliance and any changes to our operations mandated by new or amended laws, may be significant. We may 
also face unexpected delays in obtaining permits and approvals required by such laws in connection with our manufacturing facilities, 
which would hinder our operation of these facilities. Furthermore, any violations of these laws may result in substantial fines and penalties, 
remediation costs, third party damages, or a suspension or cessation of our operations. We also face physical and transition risks from 
climate change. The manifestations of climate change, such as extreme weather conditions or more frequent extreme weather events, 
including wildfires, flooding, water stress and extreme heat, could disrupt our operations, damage our facilities, disrupt our supply chain, 
including our customers or suppliers, impact the availability and cost of materials needed for manufacturing or increase insurance and 
other operating costs. As a result, severe weather or a natural disaster that results in a prolonged disruption to our operations, or the 
operations of our customers or suppliers, could have a material adverse effect on our operating results, cash flows or financial condition.
Our goals, targets and ambitions related to sustainability and emissions reduction, and our public statements and disclosures 
regarding them, expose us to numerous risks
We have developed, and will continue to develop and set, goals, targets, ambitions and other objectives related to sustainability matters, 
including our net-zero emission targets both for ourselves and our supply chain. Some of these are based on our internal scenario 
analysis, which may not prove to be accurate and carries inherent uncertainties. Statements related to these goals, targets, ambitions 
and objectives reflect our current plans and do not constitute a guarantee that they will be achieved. Our efforts to research, establish, 
accomplish, and accurately report on these goals, targets, and objectives expose us to numerous operational, reputational, financial, 
legal, and other risks. Additionally, greenhouse gas emissions, particular emissions that come from individuals and entities up and down 
the value chain (otherwise known as Scope 3 emissions), are very difficult to estimate and our estimates may be materially different than 
actual emissions. Additionally, accepted methodologies or regulatory requirements for estimating emissions, particularly Scope 3 
emissions, continue to evolve. The manner in which we estimate and disclose Scope 3 emissions may differ from other companies and 
may be different than future regulatory requirements, and currently, we do not include downstream Scope 3 emissions in our targets and 
ambitions. If future governmental regulations require us to modify the basis of our Scope 3 emissions disclosure, our historically disclosed 
Scope 3 emissions may change materially. Our ability to achieve any stated goal, target, ambition or objective, including with respect to 
emissions reduction, is subject to numerous factors and conditions, some of which are outside of our control. 
Our business may face increased scrutiny from investors and other stakeholders related to our sustainability activities, including the goals, 
targets, and objectives that we announce, and our methodologies and timelines for pursuing them. If our sustainability practices do not 
meet investor or other stakeholder expectations and standards, which continue to evolve, our reputation, our ability to attract or retain 
employees, and our attractiveness as an investment or business partner could be negatively affected. Similarly, our failure or perceived 
failure to pursue or fulfill our sustainability-focused goals, targets, ambitions and objectives, to comply with ethical, environmental, or other 
standards, regulations, or expectations, or to satisfy various reporting standards with respect to these matters, within the timelines we 
announce, or at all, could adversely affect our business or reputation, as well as expose us to government enforcement actions and 
private litigation.
RISKS RELATED TO INTERNATIONAL OPERATIONS
Our business is exposed to risks inherent in international operations
We currently conduct operations in various countries and jurisdictions, including locating certain of our manufacturing and distribution 
facilities internationally, which subjects us to the legal, political, regulatory and social requirements and economic conditions in these 
jurisdictions. Some of these countries are considered growth markets and emerging markets. International sales and operations, 
especially in growth markets, subject us to certain risks inherent in doing business abroad, including: exposure to local economic 
conditions; unexpected changes in laws, regulations, trade, or monetary or fiscal policy, including interest rates, foreign currency 
exchange rates, and changes in inflation rates; foreign tax consequences; inability to collect, or delays in collecting, value-added taxes 
and/or other receivables associated with remittances and other payments by subsidiaries; exposure to local political turmoil and 
challenging labor conditions; changes in general economic and political conditions in countries where we operate, particularly in emerging 
markets; expropriation and nationalization; enforcing legal agreements or collecting receivables through foreign legal systems; wage 
inflation; currency controls, including lack of liquidity in foreign currency due to governmental restrictions, trade protection policies and 
currency controls, which may create difficulty in repatriating profits or making other remittances; compliance with the requirements of an 
increasing body of applicable anti-bribery laws; reduced intellectual property protection in various markets; investment restrictions or 
requirements; and the imposition of product tariffs and the burden of complying with a wide variety of international and U.S. export laws. 
The Company is subject to taxation in the U.S. and numerous foreign jurisdictions. The Organization for Economic Co-operation and 
Development (“OECD”) continues its base erosion and profit shifting (“BEPS”) project begun in 2015 with new proposals for a global 
minimum tax, further development of a coordinated set of rules for taxation and the allocation of taxing rights between jurisdictions. These

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proposals, if adopted by countries in which we operate, could result in changes to tax policies, including transfer pricing policies, which 
could ultimately impact our tax liabilities. 
Changes in tax laws or policies by the U.S. or foreign jurisdictions could result in a higher effective tax rate on our worldwide earnings, 
and any such change could have a material adverse effect on our business prospects, cash flows, operating results and financial 
condition. 
Our international operations also depend upon favorable trade relations between the countries where we manufacture and sell products 
and those foreign countries in which our customers and suppliers have operations. The current U.S. presidential administration has 
created uncertainty about the future relationship between the U.S. and certain of its trading partners, including with respect to the trade 
policies and agreements, treaties, government regulations and tariffs that could apply to trade between the U.S. and other nations. For 
example, the U.S. administration has indicated that it intends to impose tariffs on imports from Mexico, Canada, and the European Union. 
In February 2025, additional tariffs have been applied to imports from China and China responded with retaliatory tariffs on the import of 
American goods. Changes in national policy, other governmental action related to tariffs or international trade agreements, changes in 
social, political regulatory, and economic conditions or in laws and policies governing foreign trade, manufacturing, development and 
investment in the territories and countries where the Company currently manufactures and sells products, and any resulting negative 
sentiments towards the Company as a result of such changes could depress economic activity and restrict our access to suppliers or 
customers and have a material adverse effect on our cash flows, operating results and financial condition. 
Increasing our manufacturing footprint in the growth markets and our business relationships with automotive manufacturers in these 
markets are particularly important elements of our strategy. As a result, our exposure to the risks described above may be greater in the 
future, and our exposure to risks associated with developing countries, such as the risk of political upheaval and reliability of local 
infrastructure, may increase. It could also impact importing certain foreign-produced vehicles into the U.S. Changes in national policy or 
continued uncertainty could depress economic activity and restrict our access to suppliers or customers and have a material adverse 
effect on our cash flows, operating results and financial condition. Additionally, such trade restrictions or material increases in tariffs could 
impact our targets, earnings guidance, and estimates. The ultimate impact of any tariffs, including any related responses, are uncertain 
and will depend on various factors, including if any tariffs are ultimately implemented, the timing of implementation, and the amount, 
scope, and nature of the tariffs. Any or all of these actions could adversely affect our business, financial condition and cash flows. 
Increasing our manufacturing footprint in the growth markets and our business relationships with automotive manufacturers in these 
markets are particularly important elements of our strategy. As a result, our exposure to the risks described above may be greater in the 
future, and our exposure to risks associated with developing countries, such as the risk of political upheaval and reliability of local 
infrastructure, may increase. It could also impact importing certain foreign-produced vehicles into the U.S. Changes in national policy or 
continued uncertainty could depress economic activity and restrict our access to suppliers or customers and have a material adverse 
effect on our cash flows, operating results and financial condition.
Unfavorable global economic conditions and geopolitical events could adversely affect our business, results of operations 
and financial condition
The macro-economic uncertainty has been exacerbated by the war in Ukraine and the war in Israel/Gaza, and disruptions to shipping in  
the Red Sea. Although the length and impact of the ongoing war/conflicts is highly unpredictable, it exacerbated volatility in commodity 
prices, energy prices, inflationary pressures, credit markets, foreign exchange rates and supply chain disruptions. Furthermore, 
governments in the United States, United Kingdom, Canada, and European Union have each imposed export controls on certain products 
and financial and economic sanctions on certain industry sectors and parties in Russia. Existing or additional sanctions could further 
adversely affect the global economy and further disrupt the global supply chain. Inflation is also currently high world-wide and may 
continue for an unforeseen time, which could lead to fluctuations in interest rates.
Due in part to the negative impact of the war in Ukraine, we have experienced exacerbated increases in raw materials and increased 
costs for transportation, energy, and commodities. Although we have negotiated and continue to negotiate with our customers with respect 
to these additional costs, commercial negotiations with our customers may not be successful or may not offset all of the adverse impact 
of higher transportation, energy and commodity costs. Additionally, even if we are successful with respect to negotiations with customers 
relating to cost increases, there may be delay before we recover any increased costs. These may have a material negative impact on our 
business, results of operations, and financial condition.
Significant changes in the United States Mexico Canada Agreement (USMCA) could adversely affect our financial performance
The U.S., Mexico and Canada entered into the USMCA, a successor to the North American Free Trade Agreement (NAFTA), effective 
as of July 1, 2020. The USMCA changed the automotive rules of origin that dictate what percentage of an automobile must be built from 
parts that originated from countries in the NAFTA region. The rules require that at least 75% of parts be made in North America and that 
40-45% of an automobile must be made by workers earning at least $16 an hour. Reflective of the automotive industry, our vehicle parts 
manufacturing facilities in the U.S., Mexico and Canada are highly dependent on duty-free trade amongst the U.S., Mexico, and Canada. 
The USMCA will undergo a joint review in 2026. If the USMCA is earlier terminated, or otherwise substantially amended, it could have a 
material adverse impact on our financial performance. The imposition of customs duties on imports into the U.S., Mexico or Canada could 
negatively impact our financial performance.

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Our foreign operations may subject us to risks relating to laws governing international relations
Due to our global operations, we are subject to many laws governing international relations (including, but not limited to, the Foreign 
Corrupt Practices Act, and other anti-bribery regulations in foreign jurisdictions where we do business), which prohibit improper payments 
to government officials and restrict where and how we can do business, what information or products we can supply to certain countries 
and what information we can provide to authorities in governmental authorities. We also export components and products that are subject 
to certain trade-related U.S. laws, including the U.S. Export Administration Act and various economic sanctions programs administered 
by the U.S. Treasury’s Office of Foreign Assets Control. Although we have procedures and policies in place that should mitigate the risk 
of violating these laws, there is no guarantee that they will be sufficiently effective. If and when we acquire new businesses, we may not 
be able to ensure that the pre-existing controls and procedures meant to prevent violations of these laws were effective, and violations 
may occur if we are unable to timely implement corrective and effective controls and procedures when integrating newly acquired 
businesses. Any allegations of noncompliance with these laws could harm our reputation, divert management attention and result in 
significant expenses, and could therefore materially harm our business prospects, operating results and financial condition.
Our business in Asia is subject to aggressive competition and is sensitive to economic, market, and political conditions
We operate in the automotive supply market throughout Asia including the highly competitive markets in China, South Korea, and India. 
In each of these markets we face competition from both international and smaller domestic manufacturers. Due to the significance of the 
Asian markets for our profit and growth, we are exposed to risks in China, South Korea, and India. We anticipate that additional 
competitors, both international and domestic, may seek to enter the Chinese, South Korean, and/or Indian markets resulting in increased 
competition. Increased competition may result in lower sales volumes, price reductions, reduced margins and our inability to gain or hold 
market share. There have been periods of increased market volatility and moderation in the levels of economic growth in China, which 
resulted in periods of lower automotive production growth rates in China than those previously experienced. Our business in Asia is 
sensitive to economic and market conditions that drive automotive sales volumes in China, South Korea, and India and may be impacted 
if there are reductions in vehicle demand in those markets. There are also trade and political tensions between China and other countries 
in the western world. If we are unable to maintain our position in the Asian markets, the pace of growth slows, or vehicle sales in these 
markets decrease, our business prospects, operating results and financial condition could be materially adversely affected.
Global integration may result in additional risks
Because of our efforts to manage costs by integrating our operations globally, we face the additional risk that, should any of the other 
risks discussed herein materialize, the negative effects could be more pronounced. For example, while supply delays of a component 
have typically only affected a few customer vehicle models, such a delay could now affect several vehicle models of several customers 
in several geographic areas. Similarly, any recall or warranty issue we face due to a product defect or failure is now more likely to involve 
a larger number of units in several geographic areas. 
Our business faces exchange rate risks
As a result of our global presence, a significant portion of our revenues and expenses are denominated in currencies other than the U.S. 
dollar. We are therefore subject to foreign currency risks and foreign exchange exposure. Such risks and exposures include: transaction 
exposure, which arises because the cost of a product originates in one currency and the product is sold in another currency; revaluation 
effects, which arise from valuation of assets denominated in other currencies than the reporting currency of each unit; translation exposure 
in the income statement, which arises when the income statements of non-U.S. subsidiaries are translated into U.S. dollars; translation 
exposure in the balance sheet, which arises when the balance sheets of non-U.S. subsidiaries are translated into U.S. dollars; and 
changes in the reported U.S. dollar amounts of cash flows. We cannot predict exchange rate volatility or the extent of its impact on our 
future financial results. We typically denominate foreign transactions in foreign currencies to achieve a natural hedge. However, a natural 
hedge cannot be achieved for all our currency flows; therefore, a net transaction exposure remains within the group. The net exposure 
can be significant and creates a transaction exposure risk for the Company. The Company does not hedge translation exposure. However, 
we do engage in foreign exchange rate hedging from time to time related to foreign currency transactions. For additional information, see 
Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk - Currency risks.
RISKS RELATED TO ACQUISITIONS
We face risks in connection with acquisitions, joint ventures, partnerships, and other strategic transactions  
Our growth has been enhanced through strategic transactions, including acquisitions of businesses, products and technologies, 
partnerships, strategic alliances, and joint development agreements that we believe will complement our business. We regularly evaluate 
acquisition opportunities, frequently engage in acquisition discussions, conduct due diligence activities in connection with possible 
acquisitions, and, where appropriate, engage in acquisition negotiations. We may not be able to successfully identify suitable acquisition 
and joint venture candidates or complete transactions on acceptable terms, integrate acquired operations into our existing operations or 
expand into new markets. Our failure to identify suitable strategic transactions may restrict our ability to grow our business. These strategic 
transactions also involve numerous additional risks to us and our investors, including: risks related to retaining acquired management 
and employees; difficulties in integrating acquired technologies, products, operations, services and personnel with our existing 
businesses; diversion of our management’s attention from other business concerns; assumption of contingent liabilities; potential adverse 
financial impacts, including from the amortization of expenses related to intangible assets and  from potential impairment of goodwill; 
incurrence of indebtedness; and potential damage to existing customer relationships or lack of customer acceptance or inability to attract 
new customers as a result of these transactions. In the future, we may pursue acquisitions of businesses or products that are 
complementary to our business but for which we have historically had little or no direct experience. These transactions can involve 
significant challenges and risks as well as significant time and resources that may divert management’s attention from other business 
activities. If we fail to adequately manage these risks, the acquisitions and other strategic transactions may not result in revenue growth, 
operational synergies or service or technology enhancements, which could adversely affect our financial condition.

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RISKS RELATED TO INTELLECTUAL PROPERTY
If our patents are declared invalid or our technology infringes on the proprietary rights of others, our ability to compete may be 
impaired
We have developed a considerable amount of proprietary technology related to automotive safety systems and rely on a number of 
patents to protect such technology. Our intellectual property plays an important role in maintaining our competitive position in a number 
of the markets we serve. At present, we hold more than 6,600 patents and patent applications covering a large number of innovations 
and product ideas, mainly in the fields of seatbelt and airbag technologies. In addition to our in-house research and development efforts, 
we seek to acquire rights to new intellectual property through corporate acquisitions, asset acquisitions, licensing and joint venture 
arrangements. Our patents and licenses expire on various dates during the period from 2025 to 2044. We do not expect the expiration of 
any single patent or license to have a material adverse effect on our business, operating results and financial condition. Developments 
or assertions by or against us relating to intellectual property rights could negatively impact our business. We primarily protect our 
innovations with patents and vigorously protect and defend our patents, trademarks and know-how against infringement and unauthorized 
use. If we are not able to protect our intellectual property and our proprietary rights and technology, we could lose those rights and incur 
substantial costs policing and defending those rights. We also generate license revenue from these patents, which we may lose if we do 
not adequately protect our intellectual property and proprietary rights. Our means of protecting our intellectual property, proprietary rights 
and technology may not be adequate, and our competitors may independently develop technologies that are similar or superior to our 
proprietary technologies, duplicate our technologies, or design around the patents we own or license. In addition, the laws of some foreign 
countries do not protect our proprietary rights to as great an extent as the laws of the U.S. and we may encounter significant problems in 
protecting and defending our intellectual property rights in certain foreign jurisdictions. This could make it difficult for us to stop the 
infringement of our patents or misappropriation of our other intellectual property rights. Proceedings to enforce our patent rights in foreign 
jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business. Accordingly, our 
efforts to protect our intellectual property rights in such countries may be inadequate.
We may not be able to protect our proprietary technology and intellectual property rights, which could result in the loss of our 
rights or increased costs
Although we believe that our products and technology do not infringe the proprietary rights of others, third parties may assert infringement 
claims against us in the future. Additionally, we license proprietary technology, from third parties, which is covered by patents, and we 
cannot be certain that any such patents will not be challenged, invalidated, or circumvented. Such licenses may also be non-exclusive, 
meaning our competition may also be able to access such technology. Further, we expect to continue to expand our products and services 
and expand into new businesses, including through developing new products, acquisitions, joint ventures and joint development 
agreements, which could increase our exposure to patent and other intellectual property claims from competitors and other parties. If 
claims alleging patent, copyright or trademark infringement are brought against us and are successfully prosecuted against us, they could 
result in substantial costs. If a successful claim is made against us and we fail to develop non-infringing technology, our business, 
operating results and financial condition could be materially adversely affected. In addition, certain of our products utilize components 
that are developed by third parties and licensed to us. If claims alleging patent, copyright or trademark infringement are brought against 
such licensors and successfully prosecuted, they could result in substantial costs, and we may not be able to replace the functions 
provided by these licensors. Alternate sources for the technology currently licensed to us may not be available in a timely manner, may 
not provide the same functions as currently provided or may be more expensive than products currently used. We may develop proprietary 
information through our in-house research and development efforts, consulting arrangements or research collaborations with other entities 
or organizations. We may seek to protect this proprietary information by entering into confidentiality agreements or consulting, services 
or employment agreements that contain non-disclosure and non-use provisions with our employees, consultants, scientific advisors and 
other third parties. However, we may fail to enter into the necessary agreements, and even if entered into, these agreements may be 
breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary information. 
We may not be able to respond quickly enough to changes in technology and technological risks and to develop our intellectual 
property into commercially viable products
Changes in legislative, regulatory, or industry requirements or in competitive technologies may render certain of our products obsolete or 
less attractive to our customers. We currently license certain proprietary technology to third parties and, if such technology becomes 
obsolete or less attractive, those licensees could terminate our license agreements, which could adversely affect our results of operations. 
Our ability to anticipate changes in technology and regulatory standards and to successfully develop and introduce new and enhanced 
products on a timely basis will be a significant factor in our ability to remain competitive. We cannot provide assurance that we will be 
able to achieve the technological advances that may be necessary for us to remain competitive or that certain of our products will not 
become obsolete. We are also subject to the risks generally associated with new product introductions and applications, including lack of 
market acceptance, delays in product development and failure of products to operate properly. As part of our business strategy, we may 
from time to time seek to acquire businesses or assets that provide us with additional intellectual property. We may experience problems 
integrating acquired technologies into our existing technologies and products, and such acquired intellectual property may be subject to 
known or contingent liabilities such as infringement claims.
Some of our products and technologies may use “open source” software, which may restrict how we use or distribute our 
products or require that we release the source code of certain products subject to those licenses 
Some of our products and technologies may incorporate software licensed under so-called “open source” licenses. In addition to risks 
related to license requirements, usage of open source software can lead to greater risks than use of third-party commercial software, as 
open source licensors generally do not provide warranties or controls on origin of the software. Additionally, open source licenses typically 
require that source code subject to the license be made available to the public and that any modifications or derivative works to open 
source software continue to be licensed under open source licenses. These open source licenses typically mandate that proprietary

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software, when combined in specific ways with open source software, become subject to the open source license. If we combine our 
proprietary software in such ways with open source software, we could be required to release the source code of our proprietary software. 
We take steps to ensure that our proprietary software is not combined with, and does not incorporate, open source software in ways that 
would require our proprietary software to be subject to an open source license. However, few courts have interpreted open source 
licenses; therefore, the way these licenses may be interpreted and enforced is subject to some uncertainty.
RISKS RELATED TO GOVERNMENT REGULATIONS AND TAXES
Our business may be adversely affected by laws or regulations, including environmental, occupational health and safety, and 
other governmental regulations
We are subject to various federal, state, local and foreign laws and regulations, including those related to the requirements of 
environmental, occupational health and safety, financial, and other matters. We cannot predict the substance or impact of pending or 
future legislation or regulations, or the application thereof. The introduction of new laws or regulations or changes in existing laws or 
regulations, or the interpretations thereof, could increase the costs of doing business for us or our customers or suppliers or restrict our 
actions and adversely affect our business prospects, operating results, cash flows or financial condition. Our operations are subject to 
environmental and safety laws and regulations governing, among other things, emissions to air, discharges to waters and the generation, 
handling, storage, transportation, treatment and disposal of waste and other materials. The operation of automotive parts manufacturing 
facilities entails risks in these areas, and we cannot assure that we will not incur material costs or liabilities as a result. Additionally, 
environmental laws, regulations, and permits and the enforcement thereof change frequently and have tended to become increasingly 
stringent over time, which may necessitate substantial capital expenditures or operating costs or may require changes of production 
processes. Although we have no known pending material environmental issues, there is no assurance that we will not be adversely 
impacted by any environmental costs, liabilities, or claims in the future either under present laws and regulations or those that may be 
adopted or imposed in the future. Our costs, liabilities, and obligations relating to environmental matters may have a material adverse 
effect on our business, operating results, cash flows, or financial condition. Our facilities in the U.S. are subject to regulation by the 
Occupational Safety and Health Administration (“OSHA”), which regulates the protection of the health and safety of workers. In addition, 
the OSHA hazard communication standard requires that we maintain information about hazardous materials used or produced in our 
operations and that we provide this information to employees, state and local governmental authorities and residents. We are also subject 
to occupational safety regulations in other countries. Our failure to comply with government occupational safety regulations, including 
OSHA requirements, or general industry standards relating to employee health and safety, keep adequate records or monitor occupational 
exposure to regulated substances could expose us to liability, enforcement, and fines and penalties, and could have a material adverse 
effect on our business, operating results, cash flows, or financial condition. Although we employ safety procedures in the design and 
operation of our facilities, there is a risk that an accident or injury to one of our employees could occur in one of our facilities. Any accident 
or injury to our employees could result in litigation, manufacturing delays and harm to our reputation, which could negatively affect our 
business, operating results, and financial condition.
Our business may be adversely affected by changes in automotive safety regulations or concerns that drive further regulation 
of the automobile safety market
Government vehicle safety regulations are a key driver in our business. Historically, these regulations have imposed ever more stringent 
safety regulations for vehicles. Safety regulations have a positive impact on driver awareness and acceptance of automotive safety 
products and technology. These more stringent safety regulations often require vehicles to have more safety content per vehicle and 
more advanced safety products, which has thus been a driver of growth in our business. However, these regulations are subject to change 
based on a number of factors that are not within our control, including new scientific or medical data, adverse publicity regarding the 
industry recalls and safety risks of airbags or seatbelts (for instance, to children and small adults), domestic and foreign political 
developments or considerations, and litigation relating to our products and our competitors’ products. Changes in government regulations 
in response to these and other considerations could have a severe impact on our business. Although we believe that over time safety will 
continue to be a regulatory priority, if government priorities shift and we are unable to adapt to changing regulations, our business may 
suffer material adverse effects. The regulatory obligation of complying with safety regulations could increase as federal and local 
regulators impose more stringent compliance and reporting requirements in response to product recalls and safety issues in our industry. 
We are subject to existing stringent requirements under the National Traffic and Motor Vehicle Safety Act of 1966 (the “Vehicle Safety 
Act”), including a duty to report, subject to strict timing requirements, safety defects with our products. The Vehicle Safety Act imposes 
potentially significant civil penalties for violations including the failure to comply with such reporting actions. We are also subject to the 
existing U.S. Transportation Recall Enhancement, Accountability and Documentation (“TREAD”) Act, which requires equipment 
manufacturers, such as Autoliv, to comply with “Early Warning” requirements by reporting certain information to NHTSA such as: 
information related to defects or reports of injury related to our products. TREAD imposes criminal liability for violating such requirements 
if a defect subsequently causes death or bodily injury. In addition, the Vehicle Safety Act authorizes NHTSA to require a manufacturer to 
recall and repair vehicles that contain safety defects or fail to comply with U.S. federal motor vehicle safety standards. Sales into foreign 
countries may be subject to similar regulations. Due to the record recall of airbag inflators of one of our competitors, NHTSA has become 
more active in requesting information from suppliers and vehicle manufactures regarding potential product defects.  
Negative or unexpected tax developments could adversely affect our effective tax rate, operating results and financial condition
Changes in, or changes in the application of, U.S. or foreign tax laws, regulations or accounting principles with respect to matters such 
as tax base, tax rates, transfer pricing, dividends and restrictions on certain forms of tax relief or limitations on favorable tax treatment 
could affect the calculation of our income taxes and other tax liabilities, our effective tax rate, and the  carrying value of our deferred tax 
assets. Our annual tax rate is based on our income and the tax laws in the jurisdictions in which we operate. Because of our global 
operations we face uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. Significant 
judgment and estimation are required in determining our effective tax rate and in evaluating our tax positions, in many cases where the

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ultimate tax determination is uncertain. Although we believe that our tax estimates are reasonable, the final determination of our tax 
liability may be different from what is reflected in our historical income tax provisions and accruals. We are regularly examined by tax 
authorities around the world and in a number of jurisdictions, we are currently under examination, which inherently creates uncertainty. 
Although we periodically assess the likelihood of adverse outcomes, negative or unexpected results from one or more of such reviews 
and audits, including any related interest or penalties imposed by governmental authorities, could increase our effective tax rate and 
adversely impact our operating results, cash flows or financial condition. The effective tax rates used for interim reporting are based on 
our projected full-year geographic earnings mix and take into account projected tax costs on intercompany dividends from lower tier 
subsidiaries. Changes in currency exchange rates, earnings mix among taxing jurisdictions, or the ability of our subsidiaries to pay 
dividends could impact our reported effective tax rates, or cause fluctuations in the tax rate from quarter to quarter. Certain anti-trust 
judgments or settlements may not be tax deductible, which could have a material negative impact to our annual tax rate. A number of 
other factors may also increase our effective tax rate, which could have an adverse impact on our profitability and operating results. Due 
to our numerous foreign operations, our tax rate may be impacted by our global mix of earnings if our pre-tax income is lower than 
anticipated in countries with lower statutory tax rates and/or is higher than anticipated in countries with higher statutory tax rates. Based 
on U.S. regulatory rules, we do not record current or deferred tax liabilities on permanent investments in our foreign subsidiaries. See 
Note 5, Income Taxes, to the Consolidated Financial Statements in this Annual Report.
We may not be able to fully realize our deferred tax assets
We currently carry deferred tax assets, net of valuation allowances, resulting from deductible temporary differences and tax loss carry-
forwards, both of which will reduce taxable income in the future. However, deferred tax assets may only be realized against taxable 
income. The amount of our deferred tax assets could be reduced, from time to time, due to adverse changes in our operations or in 
estimates of future taxable income from operations during the carry-forward period as a result of a deterioration in market conditions or 
other circumstances. Any such reduction would adversely affect our income in the period of the adjustment. Additional information on our 
deferred tax assets is included in Note 5, Income Taxes, to the Consolidated Financial Statements in this Annual Report.
Item 1B. Unresolved Staff Comments
Not applicable.

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23
Item 1C. Cybersecurity 
Autoliv maintains a cybersecurity program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats as an 
integrated part of the Company’s overall operations. The objective is to provide protection against cybersecurity threats to our employees, 
operations, data, and products.
Cybersecurity risk management and strategy
Cybersecurity risk management for the Company is undertaken both through dedicated cybersecurity risk management processes and 
within the Company’s overall Enterprise Risk Management program, which is overseen by the Audit and Risk Committee of the Company’s 
Board of Directors.
Autoliv has established an Enterprise Risk Management framework aligned to the ISO 31000:2019 to ensure that the context, principles, 
and processes for risk management are embedded and integrated with the operations of the company. All risks across the Autoliv risk 
universe, including cybersecurity, are assessed with bottom-up risk assessments and subsequently are aggregated and reported to the 
Audit and Risk Committee of the Company’s Board of Directors.
Autoliv utilizes the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework in combination with other 
corresponding and partially mandated frameworks to guide cybersecurity risk management. This approach includes the identification, 
assessment, response, and management of risks arising from cybersecurity threats that may result in material adverse effects on the 
confidentiality, integrity, and availability of our business, data and information systems. The Company contracts with third parties to assess 
Autoliv’s cybersecurity program relative to its peers, utilizing the NIST framework as a baseline. Furthermore, Autoliv is pursuing, under 
TISAX (Trusted Information Security Assessment Exchange), an assessment and exchange mechanism for information security in the 
automotive industry, as well as compliance with road vehicle cybersecurity requirements as applicable to the supply chain under ISO 
21434.
Frequent testing/auditing activities, bottom-up cybersecurity risk assessments, vulnerability scanning, monitoring of external threat 
intelligence and supplier risk sources, and 24/7 incident monitoring are executed by the cybersecurity function to inform our understanding 
of the cybersecurity risk landscape, including solutions from third-party service providers, and what areas of enhancement to prioritize. 
Further input is gained from regular maturity assessments executed by third parties as well as TISAX assessments executed by external 
audit bodies.
Autoliv combines expertise from our internal cybersecurity function with additional specialist capacities from external consultants and 
partners as may be from time to time. Separately, because we understand the risks associated with engaging third party vendors, such 
as service providers, consultants and partners, in our cybersecurity risk management processes, we conduct security assessments pre-
engagement and monitor their work to mitigate any identified risks.
Autoliv has not experienced any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the 
Company. Despite our efforts, there can be no assurance that our cybersecurity risk management processes and measures described 
will be fully implemented, complied with or effective in protecting our systems and information. We face risks from cybersecurity threats 
that, if realized, are reasonably likely to materially affect our business strategy, result of operations or financial condition. For a full 
discussion of these cybersecurity risks, please see our Risk Factors in Item 1A.
Board and management governance
Management's Role
The Chief Information Security Officer (CISO) is responsible for overseeing the Company’s cybersecurity practices. Our CISO joined 
Autoliv in 2015. He has 30 years of information technology experience, including seven years as CISO. The CISO reports directly to the 
CFO but, in line with the corporate governance model, the CISO’s activities are formally governed through a management board, the 
“Digitalization and IT Management Board” (“DITM Board”) comprised of the Chief Information Officer (CIO) and certain members of 
Autoliv’s Executive Management Team (“EMT”) representing engineering, supply chain management, operations and manufacturing, 
quality and project management, finance, information technology, and divisional teams. The DITM Board meets at least quarterly with 
cybersecurity as a standing agenda item.  
In addition to the standing DITM Board meetings, the CISO, when needs arise, meets with the full EMT typically at least semi-annually to 
report on, or discuss, specific cybersecurity-related topics.   
The Cybersecurity function in Autoliv reports to the CISO. The cybersecurity function includes team members in all of the Company’s 
divisions including technical security architects and incident response team members. The core team is supported by the broader 
organization with security coordinators in each plant and tech center and additional functional security experts as deemed relevant, such 
as in supply chain management and engineering. The function has the responsibility to operate day-to-day activities (e.g., testing, incident 
monitoring and response, vulnerability scanning and awareness training) as well as to drive prioritized improvements (as identified through 
the risk management processes), together with other relevant Autoliv functions and stakeholders. The security operations center (“SOC”), 
part of the Cybersecurity function, monitors Autoliv for cyber incidents 24/7. A documented incident response process and numerous 
documented playbooks provide the SOC guidance on how to respond for each type of incident, including categorization and principles

===== SIDA 102 =====

24
for escalation. Incidents are escalated in the organization according to defined criteria to engage a level of authority that is deemed 
appropriate, such as the Corporate Crisis Management Team if necessary.
Board of Directors Oversight
Our Board, in coordination with the Audit and Risk Committee, oversees the Company’s Enterprise Risk Management process, including 
the management of risks arising from cybersecurity threats. Our Board has delegated the primary responsibility to oversee cybersecurity 
matters to the Audit and Risk Committee. Both the Board and the Audit and Risk Committee periodically review the measures we have 
implemented to identify and mitigate cybersecurity risks.  
The Audit and Risk Committee receives information from the CISO and other members of management on at least a quarterly basis which 
is supplemented by a more extensive briefing from the CISO and management on at least a semi-annual basis on cybersecurity matters, 
including updates on cybersecurity training programs and the results of external assessments, as applicable. The CISO provides at least 
an annual briefing to the Board of Directors on these same topics. 
The routine reporting to the Audit and Risk Committee and the Board includes as appropriate the highlights from the full spectrum of work 
done within the Company’s cybersecurity program. The briefings by the CISO to the Audit and Risk Committee and Board also include 
the review of certifications and cybersecurity maturity assessments by management and third parties.

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Item 2. Properties
Autoliv’s principal executive offices are located at Klarabergsviadukten 70, Section D5, SE-111 64, Stockholm, Sweden. Autoliv’s various 
businesses operate in a number of production facilities and offices. Autoliv believes that its properties are adequately maintained and 
suitable for their intended use and that the Company’s production facilities have adequate capacity for the Company’s current and 
foreseeable needs. All of Autoliv’s production facilities and offices are owned or leased by operating (either subsidiary or joint venture) 
companies.
AUTOLIV MANUFACTURING FACILITIES
Country/Company Location of Facility Items produced at Facility Owned/Leased
Brazil
Autoliv do Brasil Ltda. Taubaté Seatbelts, airbags, steering 
wheels and seatbelt webbing
Owned
Nova Goiana Seatbelts and steering wheels Leased
Canada
Autoliv Canada, Inc. Tilbury Airbag cushions Owned
VOA Canada, Inc. Collingwood Seatbelt webbing Owned
China
Autoliv (Baoding) Vehicle Safety Systems Co., Ltd Baoding Airbags and steering wheels Leased
Autoliv (Changchun) Vehicle Safety Systems Co., Ltd. Changchun Airbags and seatbelts Owned
Autoliv (China) Steering Wheel Co., Ltd. Fengxian/Shanghai Steering wheels Owned
Autoliv (Guangzhou) Vehicle Safety Systems Co., Ltd. Guangzhou Airbags and seatbelts Owned
Autoliv (Nanjing) Vehicle Safety Systems Co., Ltd. Nanjing Seatbelts Owned
Autoliv Shenda (Nanjing) Automotive Components Co., Ltd. Nanjing Seatbelt webbing Owned
Autoliv (Shanghai) Vehicle Safety Systems Co., Ltd. Shanghai Airbags Owned
Autoliv Shenda (Tai Cang) Automotive Safety Systems Co., 
Ltd.
Shanghai Seatbelt webbing Owned
Autoliv (Jiangsu) Automotive Safety Components Co., Ltd. Jintan Propellant, Airbag initiators and 
Airbag inflators
Owned
Autoliv (China) Automotive Safety Systems Co., Ltd. Nantong Airbag cushions Owned
Mei-An Autoliv Co., Ltd. Taipei Seatbelts and airbags Leased
Estonia
AS Norma Tallinn Seatbelts and belt components Owned
France
Autoliv France SNC Gournay-en-Bray Airbags Owned
Autoliv Isodelta SAS Chiré-en-Montreuil Steering wheels and covers Owned
Livbag SAS Pont-de-Buis Airbag inflators Owned
N.C.S. Pyrotechnie et Technologies SAS Survilliers Airbag initiators and seatbelt 
micro gas generators
Owned
Hungary
Autoliv Kft. Sopronkövesd Seatbelts Owned
India
Autoliv India Private Ltd. Bangalore Seatbelts, airbags Owned
Mysore Seatbelt webbing and Airbag 
Cushions
Owned
Badli Airbags and steering wheels Leased
Pune Airbag and Airbag cushions Leased
Chennai Airbag inflators Owned
Indonesia
P.T. Autoliv Indonesia Jakarta Seatbelts, airbags and steering 
wheels
Owned
Japan
Autoliv Japan Ltd. Chubu Airbags and steering wheels Owned
Hiroshima Airbags Owned
Tsukuba Airbags, seatbelts and steering 
wheels
Owned

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26
Malaysia
Autoliv-Hirotako Sdn Bhd Kuala Lumpur Seatbelts, airbags and steering 
wheels
Owned
Mexico
Autoliv Mexico East S.A. de C.V. Matamoros Steering wheels Owned
Autoliv Mexico S.A. de C.V. Lerma Seatbelts Owned
Autoliv Safety Technology de Mexico S.A. de C.V. Tijuana Seatbelts Leased
Autoliv Steering Wheels Mexico S. de R.L. de C.V. Querétaro Airbag cushions Leased
Autoliv Steering Wheels Mexico S. de R.L. de C.V. Querétaro Airbags Leased
Autoliv Mexico S.A. de C.V. Aguascalientes Steering wheels Owned
Philippines
Autoliv Cebu Safety Manufacturing, Inc. Cebu Steering wheels Owned
Poland
Autoliv Poland Sp. zo.o. Olawa Airbag cushions Owned
Jelcz-Laskowice Airbags Owned
Romania
Autoliv Romania S.R.L. Brasov Seatbelts, seatbelt webbing, 
seatbelt components, airbag 
inflators, steering wheels
Owned
Lugoj Airbag cushions and airbags Owned
Resita Airbag cushions Owned
Sfantu Georghe Steering wheels Owned
Onesti Steering wheels Leased
Rovinari Seatbelts Owned
South Africa
Autoliv Southern Africa (Pty) Ltd. Krügersdorp Seatbelts and airbags Owned
South Korea
Autoliv Corporation Hwasung Airbags and steering wheels Owned
Spain
Autoliv BKI S.A.U. Valencia Airbags Owned
Sweden
Autoliv Sverige AB Vårgårda Airbag inflators Owned
Thailand
Autoliv Thailand Ltd. Chonburi Seatbelts, Airbag cushions and 
Steering wheels
Owned
Chonburi Seatbelt components Leased
Tunisia
STE ASW3 Nadour El Fahs Steering wheels Owned & 
Leased
STE ASW3 Nadour Nadhour Steering wheels Owned
Turkey
Autoliv Cankor Otomotiv Emniyet Sistemleri Sanayi Ve 
Ticaret A.S.
Gebze-Kocaeli Seatbelts Owned
Autoliv Cankor Otomotiv Emniyet Sistemleri Sanayi Ve 
Ticaret A.S. Gebze-Subesi
Gebze-Kocaeli Airbags, Steering wheels and 
Seatbelt components
Leased
United Kingdom
Airbags International Ltd Congleton Airbag cushions Owned
USA
Autoliv ASP, Inc. Brigham City Airbag inflators Owned
Ogden Airbags Owned
Ogden Airbags and service parts Leased
Promontory Propellant Owned
Tremonton Airbag initiators and seatbelt 
micro gas generators
Owned

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AUTOLIV TECHNICAL CENTERS AND CRASH TEST TRACKS
Country/Company Location Product(s) supported
China
Autoliv (Shanghai) Vehicle Safety System Technical 
Center Co., Ltd.
Shanghai Inflators and pyrotechnics customer 
applications, airbags, steering wheels and 
seatbelts customer applications and platform 
development with full-scale test laboratory
France
Autoliv France SNC Gournay-en-Bray Airbags and seatbelts customer applications 
and platform development with full-scale test 
laboratory
Livbag SAS Pont-de-Buis Inflator and pyrotechnic development
Germany
Autoliv B.V. & Co. KG Dachau Customer applications and platform 
development, airbags with full-scale test 
laboratory
India
Autoliv India Private Ltd. Bangalore Airbags and seatbelts with sled testing
Japan
Autoliv Japan Ltd. Tsukuba Airbags and seatbelts customer applications 
and platform development with sled test 
laboratory
Mexico
Autoliv Steering Wheels Mexico S. de R.L. de C.V. Queretaro Technical center airbag
Poland
Autoliv Poland Sp. zo.o. Jelcz Airbags applications and platform development
Romania
Autoliv Romania S.R.L. Brasov Seatbelts with sled test laboratory
South Korea
Autoliv Corporation Seoul Airbags and seatbelts customer applications 
and platform development with sled test 
laboratory
Sweden
Autoliv Development AB Vårgårda Research center
Autoliv Sverige AB Vårgårda Airbags customer applications, inflator and 
special safety products development with full-
scale test laboratory
USA
Autoliv ASP, Inc. Auburn Hills Airbags, steering wheels, and seatbelts 
customer applications and platform 
development with sled test laboratory
Ogden Airbags, inflators and pyrotechnics customer 
applications and platform development

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Item 3. Legal Proceedings
In the ordinary course of its business, the Company is subject to legal proceedings brought by or against the Company and its subsidiaries.
See Note 18, Contingent Liabilities, to the Consolidated Financial Statements in this Annual Report for a summary of certain ongoing 
legal proceedings. Such information is incorporated into this Part I, Item 3 – “Legal Proceedings” by reference.
Item 4. Mine Safety Disclosures
Not applicable.

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29
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 
Equity Securities
Shareholder information
The primary exchange market for Autoliv’s securities is the New York Stock Exchange (NYSE) where Autoliv’s common stock trades 
under the symbol “ALV”. Autoliv’s Swedish Depositary Receipts (SDRs) are traded on NASDAQ Stockholm under the symbol “ALIV SDB”. 
Options in SDRs trade on Nasdaq Stockholm under the name “Autoliv SDB”. Options in Autoliv shares are traded on NASDAQ OMX 
PHLX and on NYSE Amex Options under the symbol “ALV”.
Stock Performance Graph
The graph and table below show the cumulative total shareholder return for our common stock since December 31, 2019. The graph 
compares our performance to that of the Standard & Poor’s 500 Stock Index (S&P 500) and the Dow Jones US Auto Parts Index.  
The comparison assumes $100 was invested at the closing price of our common stock on the NYSE on December 31, 2019. Each of the 
returns shown assumes that all dividends paid were reinvested.
(USD) 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Autoliv, Inc. $ 100.00 $ 109.99 $ 125.95 $ 96.47 $ 142.82 $ 124.65
S&P 500 100.00 118.40 152.39 124.79 157.59 197.02
Dow Jones US Auto Parts Index 100.00 116.02 139.01 100.92 99.55 75.85

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30
Number of shares
As of December 31, 2024, the number of shares of common stock outstanding, net of treasury shares, was 77.7 million, compared to 
82.6 million as of December 31, 2023. The Company repurchased and immediately retired approximately 5.1 million shares during 2024. 
During 2024, the weighted average number of shares outstanding (excluding dilution and treasury shares) decreased to 80.2 million from 
85.0 million in 2023. Assuming dilution, the weighted average number of shares outstanding for the full year 2024 decreased to 80.4 
million from 85.2 million in 2023. 
Stock options (if exercised) and granted Restricted Stock Units (RSUs) and Performance Shares (PSs) could increase the number of 
shares outstanding as of December 31, 2024 by 0.5 million shares in the aggregate. Combined, this would add 0.6% to the number of 
shares outstanding as of December 31, 2024. 
On December 31, 2024, the Company had 2.7 million treasury shares compared to 4.9 million as of December 31, 2023. During 2024, 
the Company also retired 2.0 million shares that had been held in treasury. 
Shareholders
As of February 13, 2025, there were 1,196 holders of record of our common stock. Many stockholders choose to own shares through 
brokerage accounts and other intermediaries rather than as holders of record (excluding individual participants in securities positions 
listing) so the actual number of stockholders is unknown but significantly higher.
Dividends
Autoliv has a history of paying quarterly cash dividends. Declared dividends are announced in press releases and published on Autoliv’s 
corporate website. The Board of Directors revisits dividends on a quarterly basis. There can be no assurance that the Board of Directors 
will declare dividends in the future. See Autoliv’s corporate website for additional details regarding historical dividends.
Stock incentive plan
Autoliv employees participate in the Autoliv, Inc. 1997 Stock Incentive Plan, as amended (the “Stock Incentive Plan”) and receive Autoliv 
stock-based awards from time to time. Additional information regarding the securities authorized for issuance under the Stock Incentive 
Plan is included in Item 12 of this Annual Report.
Autoliv has adopted a Stock Ownership Policy for Executives requiring the Company’s Chief Executive Officer (CEO) to accumulate and 
hold the number of Autoliv shares having a value of twice his annual base salary. For other executives, the minimum requirement is, over 
time, a holding equal to each executive’s annual base salary.
Stock repurchase program
The table in Exhibit 26 provides information with respect to total common stock repurchases made by the Company during the three 
months period ended December 31, 2024 on NYSE.
New York Stock Exchange (NYSE)
Period
Total Number of 
Shares Purchased 
(1)
Average Price 
Paid per Share 
(USD) (2)
Total Number of Shares 
Purchased as Part of 
Publicly Announced Plans 
or Programs (3)
Aggregate Maximum Number 
of Shares that Yet May Be 
Purchased Under the Plans or 
Programs (3)
October 1-31, 2024 225,991 $ 95.57 9,346,800 7,653,200
November 1-30, 2024 549,111 $ 98.27 9,895,911 7,104,089
December 1-31, 2024 268,851 $ 98.34 10,164,762 6,835,238
(1) The repurchases are being executed from time to time, subject to general business and market conditions and other investment opportunities, 
through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. For accounting purposes, shares 
repurchased under our stock repurchase programs are recorded based upon the settlement date of the applicable trade.
(2) The average price paid per share in U.S. dollars exclude brokerage commissions and other costs of execution.
(3) In November 2021, the Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $1.5 billion or up 
to 17 million shares, whichever comes first, between January 2022 and the end of 2024. On November 11, 2024, the Company announced that the 
Board of Directors approved the extension of this stock repurchase program through the end of 2025. As of December 31, 2024, the Company may 
purchase up to $0.5 billion or up to 6.8 million common shares pursuant to the existing program.
Item 6. [RESERVED]

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
IMPORTANT TRENDS
The discussions and analysis in this section are focused on the Company’s results of operations for the year ended December 31, 2024 
compared to the year ended December 31, 2023. Discussions of the Company's results of operations for the year ended December 31, 
2023 compared to the year ended December 31, 2022 can be found in Part II, Item 7. Management's Discussion and Analysis of Financial 
Condition and Results of Operations in the Company's Form 10-K for the year ended December 31, 2023, which was filed with the United 
States Securities and Exchange Commission on February 20, 2024.
Autoliv, Inc. (the “Company”) provides automotive safety systems to the automotive industry with a broad range of product offerings, 
primarily passive safety systems. In the year ended December 31, 2024, a number of factors influenced the Company’s results of 
operations, including:
•Customer call-off volatility improved, yet remains above pre-pandemic levels, limiting productivity. 
•Cost inflation moderated but remains elevated, especially for labor 
•Continued growth above LVP despite unfavorable LVP mix development
•Order intake impacted by developments in technology, geopolitics and customer landscape. 
•Strategic and structural initiatives 
•Continued focus on operational excellence and quality
2024 2023
YEARS ENDED DEC. 31 (DOLLARS IN MILLIONS, EXCEPT EPS) Reported1) change Reported1) change
Global light vehicle production (in thousands) 86,708 (1.2) % 87,772 10 %
Consolidated net sales $ 10,390 (0.8) % $ 10,475 18 %
Operating income 979 42 % 690 4.7 %
Operating margin, % 9.4 2.8 pp 6.6 (0.9) pp
Net income attributable to controlling interest 646 33 % 488 15 %
Earnings per share - diluted2) 8.04 40 % 5.72 18 %
Net cash provided by operating activities 1,059 7.8 % 982 38 %
Return on capital employed, % 25.0 7.3 pp 17.7 0.2 pp
1) Reported figures impacted by costs for capacity alignments and antitrust related matters. See section Items affecting comparability and Note 12 to the 
Consolidated Financial Statements included herein.
2) Net of treasury shares.
CUSTOMER CALL-OFF VOLATILITY
2024 saw global LVP decline by around 1.2% (according to S&P Global January 2025). Our sales to customers are based on production 
schedule order quantities and delivery dates that are communicated to us by our customers, which we refer to as “call-off” plans. We saw 
an improvement in call-off volatility in 2024, especially in the second half year. This improvement supported our improvement in operating 
efficiency and productivity, including a significant reduction in direct workforce. However, customer call-off volatility remained higher than 
pre-pandemic levels, and low customer demand visibility and changes to customer call-offs with short notice still had a negative impact 
on our production efficiency and profitability. Geopolitical uncertainties could continue to create a challenging operating environment. We 
also see a likelihood that there could be new or increased tariffs or other related trade restrictions imposed in 2025 that may impact our 
operations. We continue to closely monitor the situation and are prepared to remain agile in responding to any such developments. 
INFLATION
Cost pressures from labor, in our own operations and related to our suppliers' labor costs, had a negative impact on our profitability in 
2024. Most of the inflationary cost pressure was offset by customer price and other compensations. Changes in raw material costs had 
a limited impact on our profitability in 2024. The Company expects only limited raw material price changes in 2025. We also expect 
continued cost pressure from inflation relating mainly to labor, including increased labor costs for our suppliers, especially in Europe and 
the Americas. The Company continues to execute on productivity and cost reduction activities to offset these cost pressures, and we 
continue to seek inflation compensation from our customers. The Company believes price adjustments will gradually offset the cost 
inflation, with limited positive effects in the first quarter and gradual improvement as the year progresses.

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GROWTH IMPACTED BY LIGHT VEHICLE PRODUCTION AND SAFETY CONTENT PER VEHICLE 
The most important driver for Autoliv’s sales is the LVP. In 2024, global LVP declined by 1.2%.
Light Vehicle Production1)
2024  2023  Change 2024 vs 2023
(000´)
units  % global  
(000´)
units  % global  
(000´)
units  %
Americas 16,990  20 % 17,283  20 % (293 )  (1.7 )%
 North America 14,042  16 % 14,386  16 % (344 )  (2.4 )%
 South America 2,948  3.4 % 2,897  3.3 % 51  1.8 %
Europe  16,982  20 % 17,816  20 % (834 )  (4.7 )%
Asia 50,545  58 % 50,410  57 % 136  0.3 %
 China 29,241  34 % 28,069  32 % 1,172  4.2 %
 Japan 7,730  8.9 % 8,472  9.7 % (742 )  (8.8 )%
 South Korea 4,073  4.7 % 4,169  4.7 % (96 )  (2.3 )%
 India 5,613  6.5 % 5,393  6.1 % 220  4.1 %
 Other Asia 3,888  4.5 % 4,306  4.9 % (418 )  (9.7 )%
Other 2,191  2.5 % 2,263  2.6 % (72 )  (3.2 )%
Global Total 86,708  87,772  (1,063 )  (1.2 )%
 1) Source: S&P Global, January 2025
The increase in LVP in China of 4.2% was significantly more than what was expected in the beginning of the year, driven mainly by a 
multitude of successful launches of new models by domestic Chinese OEMs, especially BYD. The LVP decline of 4.7% in Europe was 
impacted by affordability issues and technology uncertainties. The LVP decline in North America LVP was mainly driven by vehicle 
inventory corrections. Japan declined by 8.8% impacted by model homologation issues. 
The different LVP growth rates for different regions in 2024 was dilutive to global safety content per vehicle (CPV), as LVP in several high 
CPV regions declined while LVP increased in some lower CPV regions. The highest CPV region is North America, and its share of global 
LVP declined by 0.2pp to 16.2%. The second highest CPV region is Europe, and its share of global LVP declined by 0.7pp, to 19.6%. 
The lowest major CPV region is India, which saw its share of LVP increase from 6.1% to 6.5%. CPV in China is below the global average, 
and China’s share of global LVP increased from 32.0% to 33.7%. Japan’s share decreased to 8.9% from 9.7%. Additional dilution to 
global CPV came from the difference in growth within China, where lower CPV models and segments grew strongly while higher CPV 
models and segments growth was limited or negative. LVP growth for Domestic Chinese OEMs with typically lower CPV was 18% 
compared to global OEMs with typically higher CPV saw LVP decline by 9.5%. Combined with the regional growth differences, we 
estimate this shift in LVP mix contributed negatively to our sales growth by between 2 to 3 pp. The Company estimates that its market 
share decreased from around 45% in 2023 to around 44% in 2024. The main reasons for this change are the difference in regional LVP 
growth outlined above and that component sales, which is growing fast, especially to BYD, is not part of market share calculation.
Despite macro-economic uncertainties in parts of the world, we expect light vehicle markets to grow both in the medium and long term, 
driven by pent-up end user demand and a growing GDP/capita.
Due to more stringent crash test rating requirements, by institutes such as Euro NCAP, increased government regulations and increasing 
consumer demand for more safety in emerging markets, the Company sees vehicle manufacturers installing more airbags and more 
advanced seatbelt systems in vehicles. This generally takes place when new models are introduced. The safety standards of vehicles 
are increasing in China, India, and other growth markets, partially due to new government regulations and crash test rating programs. 
This is supporting higher installation rates of airbags and more advanced seatbelts, impacting CPV positively. Commercial customer 
recoveries compensating for increased labor costs also added to CPV in 2024, partly offset by negative effects from continued productivity 
related pricing pressure from vehicle manufacturers. CPV increased in Japan, Europe and India, was unchanged in North America while 
it decreased in China due to the changes in LVP mix outlined above. The changes in regional and model mix diluted global CPV by 2 to 
3pp leading to a global CPV that was unchanged compared to 2023. Together with the positive pricing and the execution of the Company's 
strong order book, this supported an organic growth (Non-U.S. GAAP measure) of around 1.6pp above growth in global LVP. The average 
global safety CPV (airbags, pedestrian safety, seatbelts, and steering wheels) amounted to around $260 in 2024. 
The Company believes that the more stringent crash rating requirements and consumer demand for more safety should enable the global 
automotive safety market to grow around 1-2 percentage points per year faster than the global LVP in the medium and long term. This 
excludes the impact from cost inflation related price increases.
The past years’ high order intake share has resulted in the Company's sales development outperforming the underlying LVP significantly. 
In the past 5 years, the Company's organic sales development outpaced global LVP between around 2 and 9 percentage points every 
year. During 2024, growth was positively affected through recent launches of several new models, including Subaru Forester, Hyundai 
Santa Fe, Nissan Kicks, Dacia Duster, Toyota Landcruiser, Zeekr 7z and Toyota 4Runner.
The Company estimates that the sales to Electric Vehicles (not including PHEVs) amounted to around $1.4 billion in 2024.

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33
GLOBAL FOOTPRINT WELL ADAPTED TO THE GEOGRAPHIC TREND SHIFT IN AUTOMOTIVE PRODUCTION 
The Company's regional sales mix continues to be balanced with 28% of sales in Europe, 33% in the Americas and 19% in Asia, excluding 
China in 2024, compared to 27%, 34% and 19%, respectively, in 2023. The Company's sales in the important Chinese market was 19% 
of total sales in 2024 compared to 20% in 2023. 
The balanced regional sales mix has been achieved through timely investments and strengthening of technical and support capabilities 
in growth markets. 
ORDER INTAKE ADDING TO AN ALREADY STRONG CUSTOMER BASE
The Company's order intake in 2024, with high win rates for new platforms with both new and traditional OEMs as well as for both EV 
and ICE platforms, added to the Company's already strong base, which includes supplying products to more than 1,300 vehicle models 
and around 100 car brands. The order intake in 2024 supports the Company's ability to defend its around 45% sales market share in the 
near and medium term. For several years, the automotive industry face some key trends that impacts the industry, notably changes in 
technologies as well as geographic growth differences with the emergence of new automakers are particularly visible in China. Autoliv 
have therefore increasingly focused resources on developing new products and to strengthen our position with new automakers to capture 
the growth opportunities that comes with these changes. This includes long term development agreements with several new automakers 
in China in recent years as well as increased investments in capacity and capabilities in India. The order intake from new automakers, 
mainly in China and North America, accounted for nearly 1/3 of our total order intake in 2024. We won multiple awards supporting new 
market- and industry trends like foldable steering wheels for self-driving vehicles including new types of driver airbags that deploys from 
the dashboard or ceiling The 2024 order intake included high win rates with new automakers. In China, the Company estimates that 
around 60% of order intake in 2024 was with domestic Chinese OEMs, which supports our expectation that domestic OEMS in China will 
continue to increase its share of the Company's sales in China in 2025. New order intake is defined as the sales value of awards for 
future business, received within that year. The lifetime value is calculated using detailed assumptions of price and volumes over the years 
of production and the exchange rates prevailing at the time of receiving the order. 
The lead time from order intake to start of production is typically 1-3 years. During this period the products are engineered into the vehicle 
to provide the expected protection for occupants in case of a crash and to meet legal and regulatory requirements, as well as other 
requirements from the vehicle manufacturer. This investment in new products is the main factor of RD&E expenses, net. Additionally, the 
Company has to build up production capacity, in the form of new lines, to meet future product launches.
In 2024, OEMs sourcing of new business was at the lowest level since 2018 for the industry, as OEMs are reconsidering certain future 
product offerings due to geopolitical and technological uncertainties. The Company's order intake share for 2024 continued on a high 
level. Even so, the low level of OEM sourcing activity in 2024 resulted in a lower order intake in 2024 for the Company. The estimated 
life-time sales for all orders booked in 2024 is around $7.4 billion, compared to around $11.8 billion in 2023. As sourcing of several large 
platforms were pushed into 2025, we expect a rebound of OEM sourcing activity and Autoliv order intake in 2025.
STRATEGIC INITIATIVES AND STRUCTURAL IMPROVEMENTS
2024 light vehicle market was impacted by a technological and geopolitical uncertainties with continued high customer call-off volatility 
and inflationary pressure on costs for labor. In response, Autoliv management continued to implement strict cost control measures, as 
well as initiating significant structural cost reduction measures. In June 2023, the Company communicated a cost reduction framework 
which included the intent to reduce our indirect headcount by up to 2,000, and to improve direct labor productivity equivalent to up to a 
6,000 direct workforce reduction. Based on the intended indirect workforce reductions, the Company estimates that the annual cost 
reductions will amount to around $135 million in total annual savings when fully implemented, with around $50 million in savings recorded 
in 2024, which is expected to increase to around $100 million in 2025 and the remaining amount in 2026 and 2027.
At the end of 2024, around 1,400 of the planned indirect reductions were completed. We also saw positive results on direct labor efficiency 
in 2024, especially in the second half year.
The provision, net of reversals, for restructuring activities in 2024 amounted to $18 million compared to $(210) million in 2023. As of 
December 31, 2024, the Company had $151 million reserved in its balance sheet related to restructuring compared to $213 million last 
year. For more information, see Note 12, Restructuring, to the Consolidated Financial Statements included herein.
In addition to the structural improvements outlined above, the Company continues to implement the strategic initiatives to improve the 
efficiency of its value chain from end to end, not least through the Autoliv Production System and increased digitalization and automation. 
With several hundred projects in implementation or undergoing development, the Company has a high pace in the planning and 
implementation of the strategic initiatives and structural improvements. These initiatives are key drivers to the Company's targets and 
building the foundation to continue to create shareholder value.

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34
IMPROVED EFFICIENCIES THROUGH OPERATIONAL EXCELLENCE
Pricing pressure is an inherent part of the automotive supplier business. Price reductions are generally higher on newer products with 
strong volume growth compared to older products, where both the possibilities to re-design the product to reduce costs and market growth 
are less. Price reductions can also depend on the business cycle and raw material price development. For the five-year period 2017-
2021, the Company estimates the average reduction of product prices on existing programs to have been in the range of around 2-4% 
annually. In 2022, the pricing environment changed to some extent due to high raw material price and cost increases, which led to 
renegotiations with customers regarding commercial terms. These discussions resulted in a net positive price development, gradually 
implemented throughout the year. This was also the case in 2023, and for 2024 as well, albeit at a lower level. 
A key strategy for Autoliv to be and to remain cost competitive is to reduce labor costs, through continuously implementing productivity 
improvement programs, optimizing the Company's production footprint, and instituting restructuring and capacity alignment activities as 
well as other actions to address the Company's cost structure.
The Company's productivity improvement target is to achieve at least 5% savings per year. To meet this target, Autoliv has developed a 
set of strategies to reduce costs in manufacturing: 
•Autoliv production system (APS) is based on lean manufacturing methodology which aims to continuously increase output 
with less resources. APS provides the target conditions and tools to achieve the delivery of goods and services at the right 
time, in the right amount, at the required quality and at the lowest cost possible to all the Company's customers.
•Autoliv One Product One Process (1P1P) strategy focuses on product and process standardization and reducing cost and 
complexity. The 1P1P strategy, combined with initiatives to reduce costs for components from external suppliers, ensures 
that the Company continuously optimize its supply base footprint, consolidate purchase volumes to fewer suppliers, improve 
productivity in the Company's supply chain, standardize components and redesign its products.
•Strategic Initiatives, including Automation, Digitalization, Supply Chain Management Effectiveness and RD&E Effectiveness.
The Company's historic experience is that the continuous improvement strategies have enabled productivity improvement at or above   
its target of 5%. However, the Company had not achieved its 5% productivity target since the COVID-19 pandemic in 2020, due to the 
related decline in LVP in 2020 and the high volatility in customer call-offs in 2021, 2022 and 2023 driven by the industry wide supply chain 
instability, especially for semiconductors. In 2024, however, the Company achieved its 5% productivity target, as gradual improvement in 
customer call -off volatility enabled an improved operational efficiency.
The Company foresees opportunities for further productivity on organic sales growth and increased call-off stability when global supply 
chains have stabilized at pre-pandemic levels, but also from increasing use of automation in its assembly for lean manufacturing 
processes. Additionally, automated cells typically perform the manufacturing process with reduced variability. This results in greater 
control and consistency of product quality.
FOCUS ON QUALITY
The number of vehicle recalls in the automotive industry continues on a relatively high level. The Company expects overall recall numbers 
to remain high for years to come and, although the Company strives for the highest quality in its processes, it cannot be ruled out that the 
Company may also be adversely impacted by a future recall.
Quality has been and always will be the Company's number one priority, and the Company continues to sharpen its focus in this area. 
The Company now holds a global market share in passive safety of around 44%, while the Company has been involved in around 2% of 
recalls in the industry in the past ten years. This indicates that the Company is delivering on its quality strategy. For more information see 
product warranty and recalls in Note 13, Product Related Liabilities, to the Consolidated Financial Statements in this Annual Report.
CHANGES IN COMPETITIVE AND CUSTOMER LANDSCAPE 
The Company has not noted any significant changes in the competitive landscape in 2024. We consider Joyson Safety Systems, a part 
of Ningbo Joyson Electronic Corp., and ZF LIFETEC, a part of ZF Friedrichshafen AG, to be global competitors to Autoliv. In addition, 
there are several smaller regional and product specific competitors, especially in China. 
The customer landscape is gradually changing, with a multitude of new OEMs emerging in recent years. This is especially prominent 
within electric vehicles and in China. In China, domestic OEMs have gained significant market shares and as a group now has larger 
market share than global OEMs have in China. Autoliv's sales to domestic OEMs in China has grown rapidly. In 2022, this group 
accounted for 22% of Autoliv's sales in China, and in 2024 their share of Autoliv sales in China was 37%. The fastest growing OEM in 
China in recent years is BYD. BYD has a uniquely high degree of vertical integration, with a large proportion of in-house sourcing of 
products and systems. This includes passive safety systems, which is supplied by its subsidiary FinDreams Technology. Autoliv supplies 
components, especially inflators, to FinDreams Technology. In 2024, the institutional alliance between Renault, Nissan, and Mitsubishi 
ended.

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35
CAPITAL STRUCTURE 
The Company’s net debt stood at $1,554 million on December 31, 2024. This was an increase of $187 million compared to December 
31, 2023. Total interest-bearing debt at December 31, 2024 amounted to $1,909 million, an increase of $47 million compared to December 
31, 2023.
Cash flow from operations was $1,059 million in 2024 and $982 million in 2023. Capital expenditures, net amounted to $563 million in 
2024 and $569 million in 2023. During 2024 and 2023 the Company paid dividends of $219 million and $225 million, respectively. 
It is the Company’s policy to maintain a financial leverage commensurate with a “strong investment grade credit rating”. The long-term 
target is to have a leverage ratio (see section Non-U.S. GAAP Performance Measures) of around 1.0x and to be within the range of 0.5x 
to 1.5x. At December 31, 2024, the current leverage ratio is 1.2x. The Company monitors its capital structure and the financial markets 
closely and intends to maintain a high level of financial flexibility while being shareholder friendly.
As part of the adjustment of the capital structure, the Company historically has repurchased shares of its common stock. During 2024 
and 2023, the Company repurchased and retired 5.1 million and 3.7 million shares, respectively, under the new stock repurchase program 
approved by the Board of Directors in November 2021. This stock repurchase program authorizes the Company to repurchase up to $1.5 
billion or up to 17 million shares (whichever comes first) between January 2022 and the end of 2024. In November 2024, the Board of 
Directors approved the extension of this stock repurchase program through the end of 2025.
In 2024, the Company retired an additional 2 million shares held in Treasury stock. After the retirements, the Company continues to hold 
around 2.7 million shares of common stock in treasury.
OUTLOOK FOR 2025 
In addition to the assumptions noted below, the Company's guidance for 2025 is mainly based on our customer call-offs, the achievement 
of our targeted cost compensation effects and no material changes to tariffs or trade restrictions. 
Full year 2025 Guidance
Organic sales growth Around 2%
Adjusted operating margin1) Around 10-10.5%
Operating cash flow2) Around $1.2 billion
Capital expenditures, net, % of sales Around 5%
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items.
Full year 2025 Assumptions
LVP growth Around 0.5% negative
Foreign currency impact on net sales Around 2% negative
Tax rate3) Around 28%
3) Excluding unusual tax items.
The forward-looking non-U.S. GAAP financial measures above are provided on a non-U.S. GAAP basis. Autoliv has not provided a U.S. 
GAAP reconciliation of these measures because items that impact these measures, such as costs related to capacity alignments and 
antitrust matters, cannot be reasonably predicted or determined. As a result, such reconciliation is not available without unreasonable 
efforts and Autoliv is unable to determine the probable significance of the unavailable information.
SIGNIFICANT LEGAL MATTERS 
See Item 3. Legal Proceedings and Note 18 Contingent Liabilities to the Consolidated Financial Statements in this Annual Report.

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36
RESULTS OF OPERATIONS
Consolidated net sales in 2024 decreased by 0.8% compared to 2023. Excluding negative currency translation effects of 1.2%, the organic 
sales increased (Non-U.S. GAAP measure, see reconciliation table below) by 0.4%  compared to the global LVP decrease of 1.2% 
(according to S&P Global, Jan 2025). The 1.6pp outperformance was mainly driven by new product launches, and to a lesser extent 
higher prices, partly offset by negative customer and model mix. 
Sales by Product
Years ended December 31, Components of change in net sales
2024 2023
Reported
change
Currency
effects 1) Organic 3)
Airbags, Steering Wheels and 
Other2) $ 7,023 $ 7,055 (0.5)% (1.2)% 0.7 %
Seatbelt products and Other2) 3,367 3,420 (1.6)% (1.3)% (0.2)%
Total $ 10,390 $ 10,475 (0.8)% (1.2)% 0.4 %
1) Effects from currency translations.
2) Including Corporate and Other sales.
Airbags, Steering Wheels and Other
Sales grew organically (Non-U.S. GAAP measure, see reconciliation table above) by 0.7% in 2024. The largest contributor to the 
increase was steering wheels, followed by center airbags, side airbags, inflatable curtains and inflators, partly offset by decreases for 
passenger airbags, knee airbags and driver airbags. 
Seatbelt Products and Other
Sales for Seatbelt Products and Other declined organically (Non-U.S. GAAP measure, see reconciliation table above) by 0.2% in the 
period. Sales decreased organically in China and Europe, while it increased in Asia excluding China and the Americas. 
Sales by Region
Years ended December 31, Components of change in net sales
2024 2023
Reported
change
Currency
effects 1) Organic 3)
Americas $ 3,424 $ 3,526 (2.9)% (1.2)% (1.7)%
Europe 2,946 2,877 2.4 % 1.0 % 1.4 %
China 2,010 2,105 (4.5)% (1.3)% (3.2)%
Asia excl. China 2,010 1,968 2.2 % (4.4)% 6.6 %
Total $ 10,390 $ 10,475 (0.8)% (1.2)% 0.4 %
1) Effects from currency translations. 
Autoliv’s global sales increased organically (Non-U.S. GAAP measure, see reconciliation table above) by 0.4% in 2024 compared to 
2023, which was around 1.6 percentage points better than global LVP (according to S&P Global, January 2025). 
Our organic sales growth (Non-U.S. GAAP measure) outperformed LVP growth by 11 percentage points in Asia excluding China 
supported by strong outgrowth in India, Japan and South Korea. We outperformed by 6.1 percentage points in Europe due mainly to 
product launches and to a smaller extent higher prices, while it was in line with LVP growth in Americas. Our sales growth underperformed 
LVP growth by 7.4 percentage points in China. LVP growth in China was tilted to domestic OEMs with typically lower safety content. 
Domestic OEM LVP in China grew by 18% while LVP declined by 9.5% for global OEMs in China in 2024. Autoliv's sales to domestic 
OEMs increased by 24% in 2024.
2024 Organic Growth (Non-U.S. GAAP measure)
Americas Europe China Asia excl. China Global
Autoliv (1.7)% 1.4% (3.2)% 6.6% 0.4%
Main growth drivers Toyota, 
Honda, VW
Renault, 
Mercedes, Ford
Geely, Chery, 
Changan
Hyundai, Suzuki, 
Tata
Geely, Mercedes, 
Renault
Main decline drivers Stellantis, EV 
OEM, Nissan
Stellantis, Volvo, 
Fisker
GM, Honda, EV 
OEM
Nissan, Mazda, 
Renault
Stellantis, EV OEM, 
GM

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37
Condensed Statement of Income
Years ended December 31,
(Dollars in millions, except per share data) 2024 2023 Change
Net Sales $ 10,390 $ 10,475 (0.8)%
Gross profit 1,927 1,822 5.8 %
% of sales 18.5 % 17.4 % 1.2 pp
S, G&A (530) (500) 6.0 %
% of sales (5.1)% (4.8)% (0.3)pp
R, D&E, net (398) (425) (6.3)%
% of sales (3.8)% (4.1)% 0.2 pp
Other income (expense), net (19) (207) (91)%
Operating income 979 690 42 %
% of sales 9.4 % 6.6 % 2.8 pp
Adjusted operating income1) 1,007 920 9 %
% of sales 9.7 % 8.8 % 0.9 pp
Financial and non-operating items, net (105) (77) 35 %
Income before taxes 875 612 43 %
Income taxes (227) (123) 84 %
Tax rate 26.0% 20.1% 5.9 pp
Net income 648 489 32 %
Earnings per share, diluted2) 8.04 5.72 40 %
Adjusted earnings per share, diluted1,2) 8.32 8.19 2 %
1) Assuming dilution and net of treasury shares.
2) Non-U.S. GAAP Measure.
Gross Profit
In 2024, gross profit increased by $106 million and the gross margin increased by 1.2pp compared to 2023. The improvement was mostly 
due to that better customer call-off accuracy supported an improved operational efficiency with around $82 million in lower costs for labor, 
premium freight and waste and scrap. The gross profit increase was also, to a lesser extent, supported by positive effects from lower 
material costs. The main offsetting factor to the improvement were negative effects of lower sales.
Operating Income
Operating income increased in 2024 by $290 million, mainly due to lower capacity alignment accruals as outlined below, and the increase 
in gross profit, as outlined above.
Selling, General and Administrative (S,G&A) expenses increased in 2024 by $30 million. The main reason for the cost increase was 
higher costs for personnel, due to high wage inflation. S,G&A costs in relation to sales increased from 4.8% to 5.1%.
Research, Development & Engineering (R,D&E) expenses, net decreased in 2024 by $27 million, Higher engineering income explained 
almost the entire improvement. R,D&E, net, in relation to sales decreased from 4.1% to 3.8%. The Company consider a level of around 
4% to be representative for its business scope.
Other income (expense), net was an expense of $19 million in 2024 compared to an expense of $207 million in 2023. Almost all of the 
$188 million in lower expense was due to lower capacity alignment accruals in 2024 compared to 2023. The high level of capacity 
alignment accrual in 2023 relate to a structural efficiency program aiming at reducing indirect headcount by up to 2,000. No significant 
further accruals are expected for this program.
Financial and Non-operating Items, net
Costs for Financial and non-operating items, net, costs increased by $27 million in 2024 compared to previous year, mainly due to $14 
million in increased interest expense as the result of higher debt and higher interest rates, and $13 million in increased expenses for 
Other non-operating items.
Income Taxes
The tax rate for 2024 was 26.0%, compared to 20.1% in 2023. Discrete tax items, net, decreased the tax rate in 2023 by 17.3pp, mainly 
related to a net deferred tax asset recognized in the fourth quarter of 2023 due to the transfer of certain assets and operations as part of 
restructuring activities. Discrete tax items, net, decreased the tax rate in 2024 by 4.8pp. In addition, country mix impacted the 2024 tax 
rate favorably by 6.1pp compared to the prior year. The Company considers a tax rate in the range of 25%-30% to be within normal 
parameters.

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