AUTOLIV, INC. The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and accompanying Notes thereto included elsewhere herein and with our Annual Report on Form 10-K for the year endedDecember 31, 2019 filed with theUnited States Securities and Exchange Commission (the "SEC") onFebruary 21, 2020 . Unless otherwise noted, all dollar amounts are in millions.Autoliv, Inc. ("Autoliv" or the "Company") is aDelaware corporation with its principal executive offices inStockholm, Sweden . The Company functions as a holding corporation and owns two principal operating subsidiaries,Autoliv AB andAutoliv ASP, Inc.
Through its operating subsidiaries,
Autoliv's filings with theSEC , including this Quarterly Report on Form 10-Q, annual reports on Form 10-K, current reports on Form 8-K, proxy statements and all of our other reports and statements, and amendments thereto, are available free of charge on our corporate website at www.autoliv.com as soon as reasonably practicable after such material is electronically filed with or furnished to theSEC (generally the same day as the filing). The primary exchange market forAutoliv's securities is theNew York Stock Exchange (NYSE) whereAutoliv's common stock trades under the symbol "ALV".Autoliv's Swedish Depositary Receipts (SDRs) are traded on Nasdaq Stockholm's list for large market cap companies under the symbol "ALIV SDB". Options in SDRs trade on Nasdaq Stockholm under the name "Autoliv SDB". Options inAutoliv shares are traded onNasdaq OMX PHLX and on NYSE Amex Options under the symbol "ALV".
EXECUTIVE OVERVIEW The Company achieved a strong first quarter despite the sharp decline in light vehicle production, and is satisfied with its sales outperformance, margins and especially the strong cash flow and cash conversion. The task force the Company set up to manage the situation inChina was expanded to global scale and the Company acted promptly with timely cost reduction actions to offset much of the headwinds from weak LVP. The current situation is more challenging than in the first quarter, as customer closures are now affecting most of the Company's operations, for an unknown period of time, compared to a more limited scope in the first quarter. The Company has withdrawn its full year 2020 indication until the effects of the COVID-19 pandemic can be better assessed. The Company has undertaken a number of actions to manage the evolving situation, including adjusting production and work week hours, reducing or suspending investments and spending that are not critical for daily operations. The Company has also accelerated cost saving initiatives, furloughed personnel, often in government supported programs, and reduced compensation for executive officers and board members. Furthermore, the Company has intensified working capital control through strict inventory control, careful monitoring of receivables and close collaboration with our suppliers. In addition, the Company has strengthened its liquidity position as it cancelled the second quarter dividend, suspended future dividends and drawn fully on its revolving credit facility.
The Company is ensuring it has an adequate cost structure that supports its profitability targets, regardless of what level of LVP that will be the new normal, post COVID-19 pandemic.
The strategic initiatives and structural improvement projects the Company outlined at its 2019 Capital Markets Day remain key priorities, although some projects may be delayed by a few quarters.
While managing a sharp LVP decline in most regions, the Company is also preparing to restart and ramp up. The Company is coordinating with its customers and suppliers to make the necessary preparations. The health and safety of the Company's employees remain its top priorities and the Company is upgrading protective measures and equipment as part of the Company's preparations.
The Company has seen significant recovery in demand and production in
While preparing for the worst and hoping for the best, the Company remains focused on quality and safety.
Financial highlights in the first quarter of 2020
13% organic sales decline (Non-U.S. GAAP measure, see reconciliation table below) 7.3% operating margin$0.86 EPS - a decrease of 32% 17
--------------------------------------------------------------------------------
Key business developments in the first quarter of 2020
• Organic sales decline (Non-
vehicle production, with all regions outperforming LVP. Order intake share
remained high and supportive of prolonged sales outperformance.
• Gross margin and adjusted operating margin (Non-
similar levels as last year despite the global LVP decline, supported by no
costs related to social unrest in
in R,D&E, S,G&A, production overhead and raw materials. Cash from operating
activities and Cash from operating activities less Capital expenditures, net.
were above Q1, 2019 levels.
• Securing a strong liquidity position by drawing down on our Revolving Credit
Facility. Liquidity further supported by reducing or suspending non-critical
expenses and investments and by cancelling the dividend after the quarter closed.
COVID-19 Pandemic Related Business Update
The COVID-19 pandemic has upended the automotive industry and customer projects for 2020.Autoliv is navigating the same challenges as other companies are facing in managing and forecasting the overall impact the pandemic will have on the automotive industry this year. In this environment, onApril 2, 2020 , the Company withdrew its previously issued 2020 guidance until the effects of the pandemic can be better assessed.
First quarter 2020
The COVID-19 pandemic in the first quarter had a substantial impact on our operations, particularlyChina , where our customer's plants were closed for several weeks in February and operated at low levels in March. InEurope , andNorth America , sales declined substantially in the second half of March as the pandemic led to customer plant closures. Global light vehicle production (LVP) declined by 24% in the first quarter 2020 compared to Q1 2019 according to IHS, with LVP declining by almost 50% inChina , by around 20% inEurope , and by 11% inNorth America . Although our organic sales (Non-U.S. GAAP measure) outperformed the LVP decline by 11pp, the 24% decline in global LVP had a significant impact on our sales and profitability in Q1 2020.
Liquidity and management actions to manage the challenging months ahead
• Cancelling the dividend scheduled for
dividends, although the Board of Directors will review such suspension on a
quarterly basis.
• Drawing down
creating a cash balance of approximately
gives a healthy liquidity position as debt maturities are
• Executives voluntarily reducing their base salaries by 20% for Q2 2020 and
non-employee board members reducing their cash compensation by 20% for Q2
2020.
• Reducing or suspending capital expenditures with the ambition to reduce
spending as is needed and possible depending on market volumes and our
customers' launch activities.
• Strict inventory control, close monitoring of receivables and close
collaboration with suppliers.
• Adjusting production and work week hours to a lower demand, reducing or
suspending discretionary spending that is not critical for daily operations
and accelerated cost saving initiatives and furloughed personnel, many in
government supported programs. Second quarter 2020 The situation is currently more challenging than it was in Q1, as customer closures are now affecting the majority of our operations, for an uncertain period of time, compared to a more limited scope in the first quarter. With a higher safety content per vehicle inNorth America andEurope , the regional mix will have a negative impact on sales in Q2. It is currently not possible to estimate the market in Q2 with a reasonable degree of certainty. However, IHS outlook datedApril 16 , indicates a Q2 global LVP decline of 45%. A decline of such magnitude, should it come true, would have a significant impact on our sales and we do not expect to be able to fully offset the lower sales with cost reduction activities while also planning for production restarts. We therefore expect the LVP decline in Q2 to have a more substantial impact on our profitability and cash flow than the decline in Q1.
Next step
While we continue to focus on further cost reduction actions, we are planning
and preparing to restart and ramp up production in close coordination with our
customers and suppliers. Although the situation remains fluid and visibility is
limited, below is a summary of our current view of our three most important
regions.
18
--------------------------------------------------------------------------------
China : OEMs are gradually returning to previous production levels, and the China
Passenger Car Association reported that retail sales were 14% above last year's
level in the second week of April. However, the situation remains fluid, and we
expect OEMs will be adjusting production according to inventory levels and
demand. Additionally, production disruptions in other regions, which supply
components to automakers in China , may slow down the recovery in China .
Europe : A number of European automotive plants have recently restarted or are
preparing to restart production after more than a month of coronavirus-related
shutdowns. The production rate will likely be volatile, with reduced shifts to
adapt to uncertain demand development and component availability.
We are deeply focused on the safety of our employees, customers and suppliers when re-starting. We have therefore developed a Smart Start Playbook that outlines processes to raise awareness of new health protocols and to support execution in a challenging situation. This includes recommendations based on guidelines from theWorld Health Organization and lessons-learned from our recent ramp-up inChina . We will provide personal protection equipment, such as masks and visors, and redesign some production environments, such as setting up protective screens.
Non-
Some of the following discussions refer to non-U.S. GAAP financial measures: see reconciliations for "Organic sales", "Operating working capital", "Net debt", "Leverage ratio", "Adjusted operating income", "Adjusted operating margin" and "Adjusted EPS" provided below. Management believes that these non-U.S. GAAP financial measures provide supplemental information to investors regarding the performance of the Company's business and assist investors in analyzing trends in the Company's business. Additional descriptions regarding management's use of these financial measures are included below. Investors should consider these non-U.S. GAAP financial measures in addition to, rather than as substitutes for, financial reporting measures prepared in accordance withU.S. GAAP. These historical non-U.S. GAAP financial measures have been identified as applicable in each section of this report with a tabular presentation reconciling them to the most directly comparableU.S. GAAP financial measures. It should be noted that these measures, as defined, may not be comparable to similarly titled measures used by other companies. 19
--------------------------------------------------------------------------------
RESULTS OF OPERATIONS
Overview
The following table shows some of the key ratios management uses internally to
analyze the Company's current and future financial performance and core
operations as well as to identify trends in the Company's financial conditions
and results of operations. We have provided this information to investors to
assist in meaningful comparisons of past and present operating results and to
assist in highlighting the results of ongoing core operations. These ratios are
more fully explained below and should be read in conjunction with the
consolidated financial statements in our Annual Report on Form 10-K and the
unaudited condensed consolidated financial statements in this Quarterly Report
on Form 10-Q.
KEY RATIOS
(Dollars in millions, except per share data)
Three months ended
or as of March 31
2020 2019
Total parent shareholders' equity per share $ 23.26 $ 22.48
Capital employed 1) 3,674 3,581
Net debt 2) 1,630 1,607
Operating working capital 2) 551 633
Operating working capital relative to sales, % 10) 6.7 7.4
Gross margin, % 3) 17.9 17.4
Operating margin, % 4) 7.3 8.0
Return on total equity, % 5) 14.4 23.0
Return on capital employed, % 6) 14.5
19.6
Headcount at period-end 7) 65,500
66,900
Days receivables outstanding 8) 71 74 Days inventory outstanding 9) 42 35 1) Total equity and net debt.
2) See tabular presentation reconciling this non-
below under the heading "Liquidity and Sources of Capital".
3) Gross profit relative to sales.
4) Operating income relative to sales.
5) Net income relative to average total equity.
6) Operating income and income from equity method investments, relative to
average capital employed.
7) Employees plus temporary, hourly personnel.
8) Outstanding receivables relative to average daily sales.
9) Outstanding inventory relative to average daily sales.
10) Latest 12 months of net sales. For 2019 excluding EC antitrust non-cash
provision.
20
--------------------------------------------------------------------------------
THREE MONTHS ENDEDMARCH 31, 2020 COMPARED WITH THREE MONTHS ENDEDMARCH 31, 2019 Consolidated Sales First quarter Components of change in net sales Currency 2020 2019 Reported change effects 1) Organic 3) Airbags and other 2)$ 1,202.2 $ 1,447.7 (17.0 )% (1.9 )% (15.1 )% Seatbelts 2) 643.6 726.3 (11.4 )% (2.6 )% (8.8 )% Total$ 1,845.8 $ 2,174.0 (15.1 )% (2.1 )% (13.0 )% Asia$ 597.2 $ 750.7 (20.4 )% (1.9 )% (18.5 )% Whereof: China 197.5 330.4 (40.2 )% (3.3 )% (36.9 )% Japan 203.0 208.1 (2.5 )% 1.1 % (3.6 )% Rest of Asia 196.7 212.2 (7.3 )% (2.8 )% (4.5 )% Americas 672.2 743.1 (9.5 )% (1.3 )% (8.2 )% Europe 576.4 680.2 (15.3 )% (3.0 )% (12.3 )% Total$ 1,845.8 $ 2,174.0 (15.1 )% (2.1 )% (13.0 )%
1) Effects from currency translations.
2) Including Corporate and Other sales.
3) Non-U.S. GAAP measure Sales by Product Airbags Airbag sales organic decline (Non-U.S. GAAP measure) was across all main product categories except knee airbags which grew organically by 7%. The main decline drivers were inflatable curtains, steering wheels, inflators and driver airbags.
Seatbelts
Seatbelt sales organic decline (Non-
Sales by Region The global organic sales decline (Non-U.S. GAAP measure) of 13% was around 11pp better than the LVP decline of around 24% according to IHS. The overall sales decline was driven byChina , followed byEurope andNorth America . The only areas with organic growth wereASEAN andSouth America . Our change in sales outperformed LVP organically in all regions - by more than 12pp inChina , by 8pp inEurope , by around 2pp inNorth America and by more than 4pp inJapan . InSouth America , we grew organically by 7%, outperforming LVP by 24pp, while we outperformed LVP organically by almost 14pp in Rest ofAsia . Q1 2020 Organic growth1) Americas Europe China Japan Rest of Asia Global Autoliv (8.2 )% (12.3 )% (36.9 )% (3.6 )% (4.5 )% (13.0 )% Honda, Mitsubishi, Tesla, Subaru, Main growth drivers Tesla, Subaru PSA BYD, GM Suzuki, GM, Nissan Suzuki, BYD, Subaru PSA Daimler, VW, VW, Great Mitsubishi, Hyundai/Kia, Honda, Main decline drivers Inflators, Daimler, VW, Wall, Nissan, Toyota, Toyota, Inflators, Honda, FCA, Ford Renault, Ford Honda, Geely, Mazda, Isuza, Hyundai/Kia, Hyundai/Kia Inflators Mahindra Great Wall, Ford 1) Non-U.S. GAAP measure. 21
--------------------------------------------------------------------------------
Change vs. same quarter last year
Americas Europe China Japan Rest of Asia Global
LVP1) (12.0 )% (20.5 )% (49.3 )% (7.9 )% (18.0 )% (24.4 )%
1) Source: IHS
April 16, 2020.
Earnings
Three months ended March 31
(Dollars in millions, except per share data) 2020 2019 Change
Net Sales $ 1,845.8 $ 2,174.0 (15.1 )%
Gross profit 331.0 378.8 (12.6 )%
% of sales 17.9 % 17.4 % 0.5 pp
S, G&A (93.5 ) (101.4 ) (7.8 )%
% of sales (5.1 )% (4.7 )% 0.4 pp
R, D&E, net (102.6 ) (107.4 ) (4.5 )%
% of sales (5.6 )% (4.9 )% 0.7 pp
Other income (expense), net 2.1 6.0 (65.0 )%
Operating income 134.3 173.2 (22.5 )%
% of sales 7.3 % 8.0 % 0.7 pp
Adjusted operating income1) 135.9 166.4 (18.3 )%
% of sales 7.4 % 7.7 % (0.3 )pp
Financial and non-operating items, net (23.0 ) (19.6 ) 17.3 %
Income before taxes 111.3 153.6 (27.5 )%
Tax rate 32.7 % 27.4 % 5.3 pp
Net income 74.9 111.5 (32.8 )%
Earnings per share, diluted2) 0.86 1.27 32.3 %
Adjusted earnings per share, diluted1),2) 0.88 1.20 (26.7 )%
1) Non-
related matters.
2) Assuming dilution and net of treasury shares. Participating share awards with
right to receive dividend equivalents are under the two-class method excluded
from the EPS calculation.
First quarter 2020 development
Gross profit decreased by$48 million and the gross margin increased by 0.5pp compared to the same quarter 2019. The gross margin improved despite lower sales and lower utilization of our assets from the decline in LVP, as it was positively impacted by the absence of costs related to the social unrest inMexico in 2020, savings from indirect and direct workforce adjustments, lower raw material costs and positive currency effects. Although gross margin improved, the lower sales led to a decline in gross profit. S,G&A declined by$8 million compared to the prior year, mainly due to positive year over year effects from changes in currency exchange rates, legal fees and personnel costs.
R,D&E, net declined by
Other income (expense), net declined by$4 million compared to a year earlier, mainly due to that first quarter 2019 was positively impacted by$6.8 million in release of EC antitrust provision. Operating income decreased by$39 million compared to the same period in 2019, as a consequence of the lower gross profit and other income (expense), net being partly offset by lower costs for S,G&A and R,D&E, net.
Adjusted operating income (Non-
Financial and non-operating items, net was$3 million higher costs than a year earlier, mainly due to losses on exchange rate fluctuations in the first quarter 2020.
Income before taxes decreased by
Tax rate of 32.7% was 5.3pp higher than in the same quarter last year primarily due to unfavorable country mix.
Earnings per share, diluted decreased by41 cents compared to a year earlier, where the main drivers were53 cents from lower operating income and5 cents from higher financial and non-operating items, partly offset by16 cents from lower overall tax. 22
--------------------------------------------------------------------------------
LIQUIDITY AND SOURCES OF CAPITAL
First quarter 2020 development
Operating working capital (Non-U.S. GAAP measure, see reconciliation table below) was 6.7% of sales compared to 7.4% of sales a year earlier, mainly due to lower accounts receivable. The Company targets that operating working capital in relation to the last 12-month sales should not exceed 10%. Cash from operating activities was$156 million compared to$154 million a year earlier, as the lower net income was more than offset by positive effect from deferred income taxes and favorable impact from net changes in operating assets and liabilities.
Capital expenditure, net of
Cash from operating activities less cash used in investing activities amounted
to
Net debt (Non-U.S. GAAP measure, see reconciliation table below) amounted to$1,630 million as ofMarch 31, 2020 , which was$22 million higher than a year earlier and$20 million lower compared toDecember 31, 2019 . Liquidity position. AtMarch 31, 2020 our cash balance was around$0.9 billion and was around$1.5 billion after drawing fully on our Revolving Credit Facility onApril 2, 2020 . Debt maturing in 2020 is around$318 million , with another$275 million maturing in 2021. Leverage ratio (Non-U.S. GAAP measure, see reconciliation table below)Autoliv's policy is to maintain a leverage ratio commensurate with a strong investment grade credit rating. The Company measures its leverage ratio as net debt (Non-U.S. GAAP measure) adjusted for pension liabilities in relation to adjusted EBITDA (Non-U.S. GAAP measure, see calculation below). The long-term target is to maintain a leverage ratio of around 1x within a range of 0.5x to 1.5x. As ofMarch 31, 2020 , the Company had a leverage ratio of 1.7x, compared to 1.6x atMarch 31, 2019 . The increase is due to a lower adjusted EBITDA in the current period compared to a year earlier. Compared toDecember 31, 2019 , the leverage ratio is unchanged. Total equity increased by$70 million compared toMarch 31, 2019 mainly due to$425 million in net income partly offset by$217 million in dividends,$120 million from changes in exchange rates and$27 million from pension liability adjustments. As the Company canceled the previously announced second quarter dividend inApril 2020 ,$54 million has been reclassified back to total equity inApril 2020 23
--------------------------------------------------------------------------------
Non-
Reconciliation ofU.S. GAAP financial measures to "Adjusted operating income", "Adjusted operating margin" and "Adjusted EPS" (Dollars in millions, except per share data) Three months ended March 31, 2020 Three months ended March 31, 2019 Reported U.S. Non-U.S. Reported U.S. Non-U.S. GAAP Adjustments1) GAAP GAAP Adjustments1) GAAP Operating income $ 134.3 $ 1.6$ 135.9 $ 173.2 $ (6.8 )$ 166.4 Operating margin, % 7.3 0.1 7.4 8.0 (0.3 ) 7.7 EPS, diluted 0.86 0.02 0.88 1.27 (0.07 ) 1.20
1) Including costs for capacity alignment and antitrust related matters.
Items included in Non-U.S. GAAP adjustments
(Dollars in millions, except per share data)
Three months ended March 31, 2020 Three months ended March 31, 2019
Millions Per share Millions Per share
Capacity alignment $ 1.6 $ 0.02 $ (0.1 ) $ (0.00 )
Antitrust related matters 0.0 0.00 (6.7 ) (0.07 )
Total adjustments to operating
income 1.6 0.02 $ (6.8 ) (0.07 )
Tax on non-U.S. GAAP
adjustments1) 0.0 0.00 0.0 0.00
Total adjustments to net
income $ 1.6 $ 0.02 $ (6.8 ) $ (0.07 )
1) The tax is calculated based on the tax laws in the respective jurisdiction(s)
of the adjustment(s). The Company uses the non-U.S. GAAP measure "Operating working capital," as defined in the table below, in its communications with investors and for management's review of the development of the working capital cash generation from operations. The reconciling items used to derive this measure are, by contrast, managed as part of the Company's overall cash and debt management, but they are not part of the responsibilities of day-to-day operations' management. The historical periods in the table have been restated to only reflect continuing operations. Reconciliation ofU.S. GAAP financial measure to "Operating working capital" (Dollars in millions) March 31, 2020 March 31, 2019 December 31, 2019 Total current assets$ 3,307.0 $ 3,111.1 $ 3,002.1 Total current liabilities 1) (2,226.2 ) (2,535.3 ) (2,410.2 ) Working capital 1,080.8 575.8 591.9 Cash and cash equivalents (907.2 ) (436.6 ) (444.7 ) Short-term debt 318.8 437.6 368.1 Derivative (asset) and liability, current 4.4 2.4 (4.2 ) Dividends payable 2) 54.1 54.0 54.1 Operating working capital $ 550.9 $ 633.2 $ 565.2
1)
2) As of
24
--------------------------------------------------------------------------------
Reconciliation of U.S. GAAP financial measure to "Net debt"
(Dollars in millions)
March 31, 2020 March 31, 2019 December 31, 2019
Short-term debt $ 318.8 $ 437.6 $ 368.1
Long-term debt 2,209.4 1,598.1 1,726.1
Total debt 2,528.2 2,035.7 2,094.2
Cash and cash equivalents (907.2 ) (436.6 ) (444.7 )
Debt issuance cost/Debt-related derivatives, net 8.5 8.1 0.3
Net debt $ 1,629.5 $ 1,607.2 $ 1,649.8
The non-U.S. GAAP measure net debt is also used in the non-U.S. GAAP measure
"Leverage ratio". Management uses this measure to analyze the amount of debt the
Company can incur under its debt policy. Management believes that this policy
also provides guidance to credit and equity investors regarding the extent to
which the Company would be prepared to leverage its operations. For details on
leverage ratio refer to the table.
Calculation of "Leverage ratio"
(Dollars in millions)
March 31, 2020 March 31, 2019 December 31, 2019
Net debt1) $ 1,629.5 $ 1,607.2 $ 1,649.8
Pension liabilities 231.8 200.4 240.2
Debt per the Policy 1,861.3 1,807.6 1,890.0
Net income2) 426.2 172.8 462.8
Less; Net loss from discontinued operations2) - 157.1 -
Net income continuing operations2) 426.2 329.9 462.8
Income taxes 2) 179.9 207.2 185.6
Interest expense, net2,3) 64.1 64.3 65.9
Depreciation and amortization of 349.3 350.1 350.6
intangibles2)
Antitrust related matters, capacity alignment 57.0 205.7 48.6 and separation costs2, 4) EBITDA per the Policy$ 1,076.5 $ 1,157.2 $ 1,113.5 Leverage ratio 1.7 1.6 1.7
1) Net debt (non-
derivatives, less cash and cash equivalents.
2) Latest 12-months.
3) Interest expense, net is interest expense including cost for extinguishment of
debt, if any, less interest income.
4)
Headcount
March 31, 2020 March 31, 2019 December 31, 2019
Headcount 65,500 66,900 65,200
Whereof:
Direct workers in manufacturing 71 % 71 % 71 %
Best cost countries 81 % 80 % 81 %
Temporary personnel 8 % 12 % 10 %
Compared to December 31, 2019 , total headcount (permanent employees and
temporary personnel) increased by approximately 300. The increase in the quarter
is driven by an increase in direct workforce while the indirect workforce is
unchanged. Our operations in China are currently operating at normal levels
while OEM plant closures in other regions, notably Europe and North America ,
were initiated mid-March and those effects are not reflected in our headcount as
of March 31, 2020 . Our initial responses to manage the demand declines in Europe
and Americas involve mainly furloughing employees and shorter work weeks which
impacts wage and salary costs but not the overall headcount. Compared to a year
ago, total headcount decreased by 1,400, with close to 70% of the reduction
being in the direct workforce.
Outlook 2020
No full year 2020 indications will be provided until effects of COVID-19 pandemic can be better assessed.
OFF-BALANCE SHEET ARRANGEMENTS
The Company does not have any off-balance sheet arrangements that have, or are
reasonably likely to have, a material current or future effect on its financial
position, results of operations or cash flows.
25--------------------------------------------------------------------------------
CONTRACTUAL OBLIGATIONS AND COMMITMENTS
The Company's future contractual obligations have not changed materially from the amounts reported in the Company's Annual Report on Form 10-K for the year endedDecember 31, 2019 filed with theSEC onFebruary 21, 2020 .
OTHER RECENT EVENTS
Key launches in the First Quarter of 2020
Below are some of the key models which were launched in the first quarter of 2020.
Toyota Yaris: Side airbags, Head/Inflatable Curtain airbags and Seatbelts.
Audi A3: Steering Wheel, Driver/Passenger airbags, Front Center Airbag and Seatbelts.
Genesis GV80: Driver/Passenger airbags, Knee Airbag, Side airbags, Head/Inflatable Curtain airbags and Front Center Airbag.
Lynk & Co 05: Steering Wheel, Driver/Passenger airbags, Side airbags, Head/Inflatable Curtain airbags and Seatbelts.
Tesla Model Y: Driver/Passenger airbags, Knee Airbag, Side airbags, Head/Inflatable Curtain airbags and Seatbelts.
Genesis G80: Steering Wheel, Driver/Passenger airbags, Knee Airbag, Side airbags, Head/Inflatable Curtain airbags and Front Center Airbag.
Cadillac CT4: Steering Wheel, Driver/Passenger airbags, Side airbags, Head/Inflatable Curtain airbags and Seatbelts.
Polestar 2: Driver/Passenger airbags, Knee Airbag, Side airbags and Head/Inflatable Curtain airbags.
Other Items
• On
concept airbag for e-scooters. Initial results indicate the e-scooter airbag
reduces injuries to an e-scooter rider's head and chest. This is the next step
in a focused and continued effort to provide safety solutions within the area
of micromobility.
• On
to improve road safety in
cooperation with the Indian government, local authorities and stakeholders.
• On
(TSR), a coalition of leading private sector companies dedicated to preventing
traffic crashes, injuries and deaths on roadways around the world.
Specifically,
knowledge-sharing to help smaller fleet operators create safety cultures and
reduce risk.
• On
company that he is resigning as President of Autoliv Americas to pursue
another position outside the company.
Autoliv Americas since
later than
replacement who will be announced at a later date.
• On
COVID-19 pandemic and that it drew down
facility.
• On
COVID-19 pandemic effects can be better assessed, the draw down of the
remaining
of its dividend.
• The Company set
stockholders. The meeting will be a virtual meeting. Only the stockholders of
record at the close of business on March 11, 2020 will be entitled to be
present and vote at the meeting.
Next Report
26--------------------------------------------------------------------------------
© Edgar Online, source
