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• Intel for smart cars
• NVIDIA for autonomous vehicles

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• Signal & Power Solutions: Provides the electrical architecture, including wiring harnesses, cable assemblies, and connectors, that enable power and data transmission throughout vehicles.
• Advanced Safety & User Experience: Develops active safety systems (ADAS), autonomous driving platforms, and infotainment solutions that enhance vehicle safety and user experience.

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Major Customers of Aptiv (APTV)

Aptiv (APTV) primarily sells its advanced automotive technology and software solutions to other companies, specifically global automotive Original Equipment Manufacturers (OEMs). This makes Aptiv a business-to-business (B2B) company.

Based on Aptiv's financial disclosures, their sales are concentrated among a few major global automotive OEMs. Aptiv's top five customers collectively accounted for approximately 43% of their net sales for the year ended December 31, 2023. These major customer companies include:

• Mercedes-Benz Group AG (formerly Daimler AG) - (MBG.DE, MBGAF)
• Ford Motor Company - (F)
• General Motors Company - (GM)
• Stellantis N.V. - (STLA)
• Volkswagen AG - (VOW3.DE, VWAGY)

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Kevin P. Clark, Chairman and Chief Executive Officer

Kevin P. Clark has served as Aptiv's Chairman and Chief Executive Officer since April 2022, having previously been President and CEO since March 2015. He joined Aptiv (then Delphi) in 2010 as Chief Financial Officer, and later served as Chief Operating Officer. Before joining Aptiv, Mr. Clark was a founding partner of Liberty Lane Partners, LLC, a private investment company focused on healthcare, technology, and distribution-related industries from 2007 to 2010. He was Chief Financial Officer of Fisher Scientific International Inc. from its initial public offering in 2001 through its merger with Thermo Electron Corporation in 2006, forming Thermo Fisher Scientific Inc. He also held several other senior management positions at Fisher Scientific and began his career at Chrysler Corporation.

Joseph R. Massaro, Vice Chair, Business Operations and Chief Financial Officer

Joseph R. Massaro was elevated to Vice Chair, Business Operations and Chief Financial Officer in 2024, having served as Senior Vice President and Chief Financial Officer since March 2016. He joined Aptiv in 2013 as Vice President, Internal Audit, and was appointed Vice President, Corporate Controller in 2014. Prior to Aptiv, Mr. Massaro was a managing director at Liberty Lane Partners from 2008 to 2010 and served as Chief Financial Officer of inVentiv Health Inc. from 2010 to 2013, which was a Liberty Lane portfolio company. He held various finance and operational leadership roles at Thermo Fisher Scientific Inc. and Fisher Scientific International Inc., where he served as Vice President and Corporate Controller. Mr. Massaro began his career at PricewaterhouseCoopers as a Managing Director in the firm's Transaction Services practice.

Benjamin Lyon, Senior Vice President and Chief Technology Officer

Benjamin Lyon was appointed Senior Vice President and Chief Technology Officer of Aptiv in December 2022. In this role, he leads the global engineering organization and is responsible for Aptiv's long-term technology roadmap. Before joining Aptiv, Mr. Lyon served as Chief Engineer and Executive Vice President of Engineering and Operations of Astra Space, Inc. from 2021 to 2022, where he successfully deployed satellites to low Earth orbit. He also spent over two decades at Apple Inc., where he was involved in developing and productizing sensors, displays, high-performance computing, and safety/security critical technology, and co-founded their autonomous systems effort.

Katherine H. Ramundo, Executive Vice President, Chief Legal Officer, Chief Compliance Officer & Secretary

Katherine H. Ramundo became Executive Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary of Aptiv in March 2024, having joined Aptiv as Chief Legal Officer in March 2021. She is responsible for overseeing the integration of legal strategy and compliance programs across Aptiv. Previously, Ms. Ramundo served as Executive Vice President, General Counsel, and Secretary of ANN, Inc., and spent four years as legal head at Howmet Aerospace Inc. Her career also includes serving as Vice President, Deputy General Counsel, and Assistant Secretary of Colgate-Palmolive.

Obed Louissaint, Executive Vice President and Chief People Officer

Obed Louissaint has served as Aptiv's Executive Vice President and Chief People Officer since March 2024, joining the company in 2023. In this role, he oversees global Human Resources and Communications. Prior to Aptiv, Mr. Louissaint was Senior Vice President of Transformation and Culture at IBM.

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The key risks to Aptiv's business are primarily linked to its deep integration within the automotive industry and the dynamic nature of that sector.

1. Dependence on the Cyclical Automotive Industry: Aptiv's revenue is heavily reliant on global vehicle production and sales, making the company vulnerable to fluctuations and economic downturns within the automotive market. This includes potential impacts from shifts in consumer demand, such as changes in electric vehicle investment strategies by original equipment manufacturers (OEMs).

2. Global Supply Chain Disruptions: The company faces significant risks from global supply chain challenges, including issues like semiconductor shortages, which can impede Aptiv's ability to deliver products on schedule and negatively affect its financial performance.

3. Rapid Technological Advancements, High R&D Costs, and Intense Competition: Operating in a fast-evolving sector, Aptiv must continuously invest in research and development to keep pace with advancements in automotive technology, such as autonomous driving and electrification. There is a risk that new or disruptive technologies developed by competitors could gain greater customer acceptance, or that the high development costs of advanced technologies may expose Aptiv to the success of rival solutions, impacting its competitive position.

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The increasing trend among major automotive Original Equipment Manufacturers (OEMs) to develop and integrate more of their vehicle software and system architecture in-house, aiming for full control over the Software-Defined Vehicle (SDV) stack and user experience. This strategy by OEMs, exemplified by initiatives like Volkswagen's CARIAD, Mercedes-Benz's MB.OS, and General Motors' Ultifi, poses a threat to Aptiv's Advanced Safety and User Experience (AS&UX) segment. As OEMs increasingly centralize the development of core software platforms for infotainment, active safety, and user experience, it could reduce their reliance on third-party suppliers like Aptiv for these high-value software solutions, potentially commoditizing Aptiv's hardware components and shifting significant value creation and control away from Aptiv towards their direct customers.

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• The market for high-voltage electrification is expected to increase by more than 20 percent annually between now and 2030, globally.
• Demand for higher levels of vehicle safety, specifically Level 2 or higher advanced driver-assistance systems (ADAS), is reflected in almost 20 percent of new vehicles built, globally.

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Aptiv (APTV) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Growth in Advanced Safety and User Experience (ASUX) Technologies: Aptiv anticipates sustained strong demand and new program launches within its Advanced Safety and User Experience (ASUX) segment, particularly in active safety and Advanced Driver-Assistance Systems (ADAS). The company's focus on innovation, including the launch of its Gen 8 radar product for hands-free driving, is a significant contributor to these results.
2. Electrification Content per Vehicle and Advanced Electrical/Electronic Architectures: The global shift towards electric vehicles (EVs) is driving increased demand for Aptiv's advanced electrical/electronic architectures, including high-voltage and high-speed data connectivity products. This trend is a key catalyst for robust new business bookings and growth in content per vehicle.
3. Expansion into Non-Automotive Markets: Aptiv has reported substantial growth in its non-automotive sector, with revenues nearing $3 billion in the third quarter of 2025. This diversification beyond traditional automotive applications is expected to fuel continued revenue expansion.
4. Significant New Business Bookings: The company secured $8.4 billion in new business awards during the third quarter of 2025, contributing to a strong year-to-date total of approximately $19 billion. These substantial bookings validate customer confidence and indicate strong market demand for Aptiv's advanced technologies, underpinning future revenue streams.
5. Recovery of the Automotive Market: The ongoing recovery in the broader automotive market, especially with stronger vehicle production in regions like North America and China, is projected to accelerate Aptiv's revenue growth into 2026.

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Share Repurchases

• Aptiv authorized a new $5.0 billion share repurchase program in August 2024, including an immediate $3.0 billion accelerated share repurchase program.
• For the full year 2024, Aptiv funded $4.1 billion in share repurchases. As of December 31, 2024, approximately $2.5 billion remained available under the existing $5.0 billion authorization.
• In 2023, the company repurchased 4.7 million shares for approximately $398 million.

Outbound Investments

• In April 2024, Aptiv restructured its ownership interest in the Motional autonomous driving joint venture with Hyundai Motor Group, reducing its common equity interest from 50% to approximately 15% and eliminating future funding requirements from Aptiv.
• Aptiv acquired 100% of Höhle Ltd., a microduct manufacturer, for $42 million in April 2023.

Capital Expenditures

• Capital expenditures totaled $880 million for the full year 2024.
• Aptiv's capital expenditures were $906 million in 2023 and $844 million in 2022.
• Expected capital expenditures for 2025 are approximately 4% of revenue. Capital expenditures generally focus on expanding manufacturing in high-growth markets.