Boom year for Aptiv

Boom year for Aptiv

Business news |
By Nick Flaherty

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Tier One automotive technology supplier Aptiv has seen a boom year with revenues up 15% to over $20bn.

Dublin-based Aptiv saw the boom in electrification, safety systems and software defined vehicles drive revenue to $20.1bn in 2023 with profits of $2.1bn driven by China and Europe and up from $1.5bn.

“Aptiv delivered record revenue, adjusted operating income and operating cash flow for the year, reflecting strong growth across our portfolio and solid operational execution,” said Kevin Clark, chairman and chief executive officer.

This reflects growth of 17% in Europe, 12% in Asia, which includes 12% in China, 9% in North America and 9% in South America.

The profit margin for the year was 10.6% , compared to 9.1% in the prior year, reflecting the growth over market of 2%, increased global vehicle production, pricing and the results of recent acquisitions as well as the easing supply chain issues.

The order book remains strong at $34bn, he says with a revenue forecast of around $21.5bn for 2024.

“We also achieved our third year in a row of record new business awards at over $34 billion, a testament to the quality of our portfolio of advanced technologies A,” he said. “As our end markets continue to transition towards a feature-rich, software-defined future, our customers will face increasing challenges involving product complexity, performance and affordability. With our flexible, full-system approach, Aptiv remains uniquely positioned to address these challenges, and we expect our commercial momentum to continue to accelerate in 2024, driving further long-term growth and margin expansion.”

Aptiv bookings for 2024

Aptiv bookings for 2024

Q4 saw revenue of $4.9bn, up 6% with 10% growth in Asia, which includes 12% in China, and 6% in Europe, partially offset by declines of 7% in North America and 6% in South America. This generated $905m in profits.



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