Autoliv said it booked record first quarter 2024 sales, up 5%, which was 6% better than the global LVP decline of 1%.

It claimed to have “outperformed” in all regions due mainly to new product launches and higher prices carried over from last year.

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Profitability improved thanks to growth and cost reduction. Operating income was US$194m and operating margin 7.4%. Adjusted operating income improved from $131m to $199m and adjusted operating margin increased from 5.3% to 7.6%.

Mikael Bratt, president & CEO, said: “We outperformed in all regions, including China despite a negative LVP mix development with domestic Chinese OEMs growing by 17% and global OEMs declining by 5%. It is encouraging that our sales in India grew organically by 27%.

“Sales in India are now larger than in South Korea, accounting for more than 4% of our global sales.”

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“We are on track to deliver on our full year outlook. We expect a record number of product launches in 2024, despite some OEMs changing certain vehicle model launch plans, mainly for EV platforms.

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“Restructuring activities are yielding results with indirect headcount declining by around 1,000, or by more than 5%, in the past 12 months.

“We expect the seasonality of past years to likely continue in 2024, with a gradual improvement throughout the year, leading to a full year adjusted operating margin of around 10.5%.” Key drivers for the full year margin progression are organic growth, our structural and strategic cost reduction initiatives, and a lower call-off volatility.

The 2024 development we expect should set up a solid base towards a continued high level of shareholder returns and our target of around 12% adjusted operating margin*.