Autoliv expands to Vietnam and invests in new airbag cushion plant
(Stockholm, Sweden, April 20, 2023) – Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced its plan to build a new state of the art airbag cushion and fabric plant in Vietnam, serving Asia. The investment in the new textile facility is in response to customer demands and is intended to meet expanded future airbag production needs for the growing Asia market.
The new facility will be built in Amata City Ha Long Industrial Park, located in the northern part of Vietnam. The facility will showcase Autoliv's manufacturing capabilities utilizing Manufacturing 4.0 concepts by integrating new technologies into the operations. This is the first Autoliv investment in Vietnam.
“I am excited to open our first Autoliv facility in Vietnam. We continuously look for ways to improve our footprint and reduce our costs structurally, and the new plant will complement our existing footprint in Southeast Asia. With the significant growth in demand for our restraint system products in Asia, Autoliv Vietnam will play an increasingly important role in meeting our customer demands,” said Colin Naughton, President Autoliv Asia.
The site area will be approximately 90,000 sqm, and the new production facility is expected to begin production of airbag cushions for our airbag module assembly facilities in Asia by late 2025. When fully operational, the facility can employ up to 2,000 people.
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About Autoliv
Autoliv, Inc. (NYSE: ALV; Nasdaq Stockholm: ALIV.sdb) is the worldwide leader in automotive safety systems. Through our group companies, we develop, manufacture and market protective systems, such as airbags, seatbelts, and steering wheels for all major automotive manufacturers in the world as well as mobility safety solutions, such as pedestrian protection, connected safety services and safety solutions for riders of powered two wheelers. At Autoliv, we challenge and re-define the standards of mobility safety to sustainably deliver leading solutions. In 2022, our products saved close to 35,000 lives and reduced more than 450,000 injuries.
Our close to 70,000 associates in 27 countries are passionate about our vision of Saving More Lives and quality is at the heart of everything we do. We drive innovation, research, and development at our 14 technical centers, with their 20 test tracks. Sales in 2022 amounted to US $ 8.8 billion. For more information go to www.autoliv.com.
Safe Harbor Statement
This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.
