Autoliv has recorded first-quarter net sales up 21% to US$2.24bn, while operating income rose 77% to US$237m.

“The COVID-19 pandemic is still affecting us in several ways and our first priority remains the health and safety of our employees,” said Autoliv president & CEO, Mikael Bratt.

“The industry is experiencing adverse business effects, with a supply-demand imbalance of certain input materials such as steel, chemicals and semiconductors. Temporary shortages of these materials limited the light vehicle production in the first quarter, and we expect this situation to continue in the second and third quarter of this year.

"In this tough environment, I am proud the Autoliv organisation delivered a strong first quarter performance where we saw high sales growth and a significant improvement in profitability compared to the first quarter in both 2020 and 2019.

"I am also pleased we continued to generate a strong cash flow, that our net debt declined further and our leverage ratio is now back inside our target range. Our progress in the past few quarters strengthens our confidence in the journey towards our medium-term targets and our opportunities to create shareholder value."