Aptiv secured approximately $34 billion in new business awards, based on expected volumes and prices. This validates the company's industry-leading portfolio of advanced technologies.

The acquisitions of Wind River and Intercable Automotive Solutions in 2022 are expected to strengthen Aptiv's capabilities in software-defined mobility and advanced vehicle architecture. The 10-K mentions that Aptiv is focused on commercializing the high-tech evolution of the automotive industry.

The 10-K highlights the Asia Pacific region as a key geographic market and mentions that the company has made and expects to continue to make substantial investments in manufacturing operations, technical centers, and research and development activities to support anticipated growth in this area.

Aptiv maintains operational flexibility by having approximately 97% of its hourly workforce based in best cost countries and approximately 27% composed of contingent employees. This allows for maximizing profitability at all points in the automotive business cycle.

The 10-K reports that Aptiv paid off the outstanding principal balance of $301 million on the Tranche A Term Loan and reduced the weighted average interest rate on total borrowings to 3.15%.

The 10-K emphasizes a relentless focus on cost structure and operational optimization, with a goal of maximizing operational flexibility and profitability at all points in the normal automotive business cycle.

The 10-K acknowledges that disruptions in the supply of raw materials, electronic components, and semiconductors could adversely affect profitability. While the semiconductor supply shortage has eased, it is still mentioned as a potential risk.

The cyclical nature of automotive sales and production is highlighted as a risk factor, with lower global automotive sales expected to result in lower vehicle production schedules and impact earnings and cash flows.

The conflict between Ukraine and Russia is expected to continue to have negative economic impacts and could increase costs, reduce sales and earnings, or otherwise have an adverse effect on operations. The potential for cyberattacks is also mentioned.

The 10-K states that the global automotive technology and component supply industry is highly competitive and that there is no assurance that Aptiv's products will be able to compete successfully with those of its competitors.

The automotive industry is increasingly focused on the development of advanced driver assistance technologies, with the goal of developing and introducing a commercially-viable, fully automated driving experience. This evolution could adversely affect Aptiv's business if the company does not respond appropriately.

The 10-K states that the decline in the market share or business of the five largest customers may adversely impact revenues and profitability. The mix of vehicle offerings by OEM customers also impacts sales, and a decrease in consumer demand for specific types of vehicles where Aptiv has traditionally provided significant content could have a significant effect on business and financial condition.

The 10-K emphasizes the importance of maintaining a lean and flexible cost structure in order to deliver stable earnings and cash flow in a cyclical industry. This includes maximizing manufacturing output with minimal additions to fixed costs and using temporary workers.

Aptiv continues to rotate its manufacturing footprint to best cost locations in Europe and other regions. This is expected to improve profitability.

The 10-K acknowledges that manufacturing challenges and disruptions in the supply of raw materials or other supplies used in products may adversely affect profitability. The company is carrying critical inventory items and key components to mitigate these risks.

Aptiv commits a substantial annual investment to research and development to maintain and enhance its leadership in new mobility solutions across each of its product lines. Total investment in research and development, including engineering, was approximately $1.8 billion in 2023.

Aptiv is focused on enabling and delivering end-to-end smart mobility solutions, enabling customers' transition to more electrified, software-defined vehicles, accelerating the commercialization of active safety and autonomous driving technologies and providing enhanced user experience and connected services.

The acquisition of Wind River is expected to enhance Aptiv's capabilities in software-defined mobility and enable advanced smart vehicle architecture changes. Wind River is a global leader in delivering software for the intelligent edge for multiple industries, including automotive.

Aptiv repurchased $398 million of ordinary shares in 2023 and has $1.6 billion remaining available under the January 2019 share repurchase program. This demonstrates a commitment to returning capital to shareholders.

Aptiv continues to pursue business ventures, acquisitions, and strategic alliances that leverage technology capabilities and enhance customer base, geographic penetration and scale to complement current businesses.

Aptiv's strategy is to build on accomplishments and continue to develop and manufacture innovative market-relevant products, leveraging a lean and flexible cost structure to achieve strong and disciplined earnings growth and returns on invested capital.

Aptiv is committed to becoming carbon-neutral in its global operations by 2030 and to achieving net carbon neutrality by 2040. This demonstrates a strong focus on environmental sustainability.

The Credit Agreement includes sustainability-linked targets for greenhouse gas emissions and workplace safety, which can affect interest rate margins and facility fees. This demonstrates a commitment to ESG principles in financial operations.

Aptiv prioritizes the health, safety and well-being of all employees by focusing on prevention, training, auditing and risk mitigation in its manufacturing plants, technical centers and offices. The company is committed to ensuring all of its manufacturing sites are ISO 45001 certified by 2025.

The 10-K notes that global automotive vehicle production increased by 9% in 2023, reflecting increased vehicle production in Europe, China, and North America. This growth in automotive production is a key driver of Aptiv's revenue.

While Aptiv has identified high voltage electrification systems as a key product market, certain of its OEM customers have recently announced delays in their electric vehicle investment strategies amidst reduced expectations for future consumer demand for these products.

The 10-K acknowledges that international operations are subject to risks inherent in doing business globally, including exposure to local economic, political and labor conditions, changes in laws and regulations, trade restrictions, and compliance with anti-bribery laws.