On this page of StockholderLetter.com we present the latest annual shareholder letter from Aptiv PLC — ticker symbol APTV. Reading current and past APTV letters to shareholders can bring important insights into the investment thesis.

 •  3/10/2025 Letter Continued (Full PDF)
 •  3/13/2023 APTV Stockholder Letter
 •  3/11/2024 APTV Stockholder Letter
 •  More "Auto Parts" Category Stockholder Letters
 •  APTV Benford's Law Stock Score = 100

APTV Shareholder/Stockholder Letter Transcript:

2024
Annual
Report

TO OUR SHAREHOLDERS
As we reflect on 2024, I am pleased to share an update on Aptiv   s progress, the evolving
global landscape and our role in shaping a software-defined future across multiple end
markets. Despite a dynamic macroeconomic environment, Aptiv   s advanced technology
solutions and capabilities in engineering, product development, supply chain management
and manufacturing address the critical needs of our diverse customer base, accelerate the
software-defined transformation that is taking place across end markets and deliver longterm value to our shareholders. In the year ahead, we will further increase our strategic and
operating focus with the separation of our Electrical Distribution Systems (EDS) business
from Aptiv, creating two independent leading companies with the global scale and reach that
will drive even greater market success and value creation.
ADVANCING THROUGH INNOVATION
Aptiv is perfectly positioned at the convergence of
three secular trends     electrification, digitization
and connectivity. Our portfolio of advanced software,
compute, interconnect and electrical architecture
solutions not only drives innovation within the
automotive industry but also enables advancements
in aerospace and defense, telecommunications,
commercial vehicle, industrial and other adjacent
markets.
In 2024, we enhanced our product portfolio by
strengthening our ADAS and intelligent cockpit
solutions with AI/ML to improve performance;
launched a commercial Linux offering, Wind River
eLxr Pro, to expand into the enterprise space; added
new features to Wind River Studio to streamline
its DevSecOps tools; and strengthened Wind
River Operator to accelerate the pace of scaled
telecommunications deployments. We also deployed
generative AI across our operations and increased
the level of automation used in our manufacturing
facilities to improve quality and productivity.
In automotive, we launched a record number of new
customer vehicle programs while further localizing
our supply chain network to include more regionally
integrated partners. We also strengthened our market
position, particularly in the Asia-Pacific region, with
investments in vision technology providers StradVision
and Maxieye, and expanded our collaboration with
local automakers, such as Geely, Chery and BYD in
China; Honda and Toyota in Japan; and Mahindra
and Tata in India.
Lastly, we experienced robust growth in adjacent
markets, which now account for almost 20 percent
of our revenue. We expanded our commercial
relationships with industry innovators such as Telus
2024 APTIV ANNUAL REPORT
and Boost Mobile in telecommunications, Northrop
Grumman in aerospace, Alstom in transportation and
Rockwell in industrial automation.
By providing our customers with solutions that
address their evolving needs     including increased
flexibility, improved performance and lower costs    
Aptiv continues to be their trusted partner of choice.
CONFIDENCE IN THE FUTURE
Our robust business model and talented global
workforce have enabled us to adapt quickly to
changing market dynamics, which is reflected in
our strong operating performance during 2024. We
continued to prioritize investments in modularizing
our software tech stack, expanding our portfolio of
interconnects, optimizing our global manufacturing
and engineering footprint, and diversifying our
customer and end-market exposure. We also
implemented productivity initiatives to increase the
efficiency of our manufacturing operations across
regions. As a result of these actions, we delivered
record operating income and significant margin
expansion despite near-term revenue headwinds,
and we are well positioned to drive continued strong
financial performance in the future.
Given the strength of our business foundation,
we remain confident in our ability to deliver longterm value to our customers and shareholders. To
support our growth priorities, we have strengthened
our management team to enable our ongoing
business transformation and pursuit of strategic
opportunities within software, advanced compute,
engineered components and electrical architecture in
automotive and adjacent markets. In 2024, we funded
the repurchase of over $4 billion of Aptiv stock,
underscoring our confidence in the company   s path
to creating shareholder value.

As the next step in the company   s evolution, we are
now in the process of executing the spin-off of EDS.
The separation into two independent companies will
enable the further optimization of Aptiv   s portfolio
to better align with global megatrends fueling growth
across diverse end markets. It will also position EDS
to build on its 100-year legacy as a leader in designing
and delivering fully optimized, next-generation
electrical architecture solutions for leading OEMs in
the global automotive and commercial vehicle markets.
We are confident that this separation will create
significant value for shareholders.
We are proud of the progress we made in 2024 and
are confident in our ability to thrive in today   s dynamic
environment. Thank you for your continued trust and
support as we advance Aptiv   s mission to create a
safer, greener and more connected future.
   BY PROVIDING OUR CUSTOMERS WITH
S O L U T I O N S T H A T A D D R E S S T H E I R E V O LV I N G
N E E D S     I N C L U D I N G I N C R E A S E D F L E X I B I L I T Y,
IMPROVED PERFORMANCE AND LOWER COSTS    
APTIV CONTINUES TO BE THEIR TRUSTED
P A R T N E R O F C H O I C E .   
K E V I N P. C L A R K
Chair and Chief Executive Officer

    O U R R O B U S T B U S I N E S S M O D E L A N D TA L E N T E D G LO B A L
W O R K F O R C E H A V E E N A B L E D U S T O A D A P T Q U I C K LY T O
C H A N G I N G M A R K E T DY N A M I C S, W H I C H I S R E F L EC T E D I N
O U R S T R O N G O P E R A T I N G P E R F O R M A N C E D U R I N G 2 0 2 4 .   
K E V I N P. C L A R K
Chair and Chief Executive Officer
2024 APTIV ANNUAL REPORT



 3/10/2025 Letter Continued (Full PDF)