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Aptiv

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Aptiv PLC
FormerlyDelphi Automotive plc
(2011–2017)
Company typePublic limited company
ISINJE00B783TY65
IndustryAutomotive
Founded1994; 30 years ago (1994)
HeadquartersDublin, Ireland[1]
Key people
Kevin P. Clark (chairman and CEO)
ProductsVehicle electronics, systems, modules, and components
RevenueIncrease US$17.49 billion (2022)[2]
Increase US$1.26 billion (2022)[2]
Decrease US$590 million (2022)[2]
Total assetsIncrease US$21.88 billion (2022)[2]
Total equityIncrease US$8.81 billion (2022)[2]
Number of employees
160,000 (December 2022)[2]
Websiteaptiv.com

Aptiv PLC is an Irish-American[3][4] automotive technology supplier with headquarters in Dublin.[5] Aptiv grew out of the now-defunct American company, Delphi Automotive Systems, which itself was formerly a component of General Motors.[6]

History

The company was established as General Motors' Automotive Components Group in 1994, which changed its name to Delphi Automotive Systems in 1995.[7] G.M. also renamed the various divisions within the newly created Delphi unit. Packard Electric became Delphi Packard Electric Systems; Delco Chassis became Delphi Chassis Systems; Inland Fisher-Guide became Delphi Interior and Lighting Systems; Saginaw became Delphi Saginaw Steering Systems; Harrison Radiator became Delphi Harrison Thermal Systems, and AC Delco became Delphi Energy and Engine Management Systems.[8]

Delphi disclosed some irregular accounting practices in 2005. Many executives, including CFO Alan Dawes, resigned. Delphi Chairman J.T. Battenberg retired. Delphi then filed for Chapter 11 bankruptcy protection to reorganize its struggling U.S. operations.[9] As a result of this action, the Securities and Exchange Commission granted an application by the New York Stock Exchange to delist Delphi's common stock and bonds.[10]

Plants in Puerto Real, Cádiz, Spain, closed, with a loss of 1,600 direct jobs, and more than 2,500 indirect jobs in February 2007,[11] despite having agreed to continue its manufacturing operations until 2010 and receiving more than €25 million from various public administrations to guarantee its workers' jobs.[12] The Regional Government of Andalusia announced it would begin legal action against the company for breach of local labor laws.[13]

Delphi sued its investors for US$2.55 billion in securities to aid Delphi as it sought to come out of bankruptcy in May 2008. U.S. Bankruptcy Judge Robert Drain in New York allowed Delphi to seek payments through a contract against Appaloosa Management LP as well as denying an investors' request for a cap of $250 million for damages.[14] In April 2009, CoolIT Systems announced the acquisition of the assets of Delphi Thermal Liquid Cooling, including intellectual property, machinery, and equipment.[15][16]

A group of private investors purchased Delphi's core assets to create a new Delphi Corporation in October 2009. Some of its non-core steering operations were sold to General Motors Company, the successor to the bankrupt Motors Liquidation Company that was formerly General Motors Corporation. The stock was cancelled. The old Delphi Corporation was renamed DPH Holdings Corporation.[17] The new Delphi was incorporated in the United Kingdom.[18]

Delphi sold its Thermal Business unit to Mahle-Behr GmbH in July 2015. Together, the Mahle-Behr and Delphi Thermal merger represented the second-largest supplier of automotive thermal management systems including interior HVAC components, under-hood powertrain cooling and compressors.[19] The company announced improvements to self-driving technology under development in December 2015.[20] In the same month, Delphi bought HellermannTyton for $1.7 billion.[21]

Delphi entered into a partnership agreement with Carbon in June 2016 to allow the use of Carbon's Continuous Liquid Interface Production technology and printers.[22] The company then bought the self-driving startup NuTonomy for $450 million in October 2017.[23]

The company divested its powertrain division and aftermarket related businesses (now Borg Warner's Delphi Technologies division) in December 2017 and changed its name to Aptiv PLC.[24] In August 2019, Aptiv and Hyundai Motor Group announced plans to establish a $4 billion autonomous driving joint venture[25] in which the firms would each have a 50% stake. The companies said the joint venture, which would have its headquarters in Boston, would focus on advancing the “design, development and commercialization of SAE Level 4 and 5 autonomous technologies.” The joint venture deal was completed in March 2020 and was named Motional in August 2020.[26]

In January 2021, Aptiv revealed a new platform for automated driving that can be applied on various vehicles and that carmakers can upgrade wirelessly.[27]

On 11 January 2022, Aptiv announced that they had acquired Wind River Systems, a company known for its development of real-time operating systems.[28]

Operations

As of December 2020, Aptiv has two diversified business segments:[2]

  • "Signal and Power Solutions (Formerly Electrical/Electronic Architecture)" provides complete vehicle electrical systems, integrating wiring and cable assemblies, electrical centers and connection systems.
  • "Advanced Safety and User Experience (Formerly Electronics & Safety)" provides advanced software and sensing systems, computing platforms, advanced safety systems and automated driving, user experience and infotainment, as well as other vehicular electronic controls.

Controversies

On 4 March 2005, Delphi said it had fired its CFO and would restate earnings between 1999, when Delphi spun off from General Motors Corp (GM), and 2004 for improper reporting of rebates, credits, or other payments from suppliers.[29] In June, 2006, Delphi said in a filing that it would restate its 2005 report, which would increase Delphi's reported 2004 net loss by $65 million. In 2013, Delphi became involved in an ongoing lawsuit against GM, because it manufactures ignition switches for the Chevrolet Cobalt, whose original design is alleged to be defective.[30]

In 2009, as a result of its bankruptcy agreement, "Delphi surrendered its pension obligations to the Pension Benefit Guaranty Corporation." A group of about 20,000 salaried employees, principally in Ohio, Michigan, New York and Indiana, have been involved in litigation since then seeking restoration of their full pension rights.[31]

Joint ventures

  • In August 2019, Aptiv and Hyundai Motor Group announced plans to establish a $4 billion autonomous driving joint venture[25] in which the firms will each have a 50% stake. The companies said the joint venture, which will have headquarters in Boston, would focus on advancing the “design, development and commercialization of SAE Level 4 and 5 autonomous technologies.” The joint venture deal was completed in March 2020 and was named Motional in August 2020.[26]
  • EnerDel – started as a joint venture of Ener1 and Delphi. In August 2008, Ener1 bought exclusive ownership of EnerDel.[32]

Environmental record

Researchers at the University of Massachusetts Amherst allegedly identified Delphi corp. as the 21st-largest corporate producer of air pollution in the United States in 2002.[33] According to the study, the manufacturer's most toxic emissions included asbestos (542 lb/yr), chromium compounds (1,082 lb/yr), lead compounds (8,466 lb/yr), and sulfuric acid (17,600 lbs/year), while the most massive emissions were glycol ethers (111,520 lbs/year) and hydrochloric acid (80,000 lb/yr).[34]

References

  1. ^ "Car tech firm Aptiv moving global HQ from UK to Dublin". RTÉ News. 2 May 2018. Retrieved 28 July 2022.
  2. ^ a b c d e f g "Aptiv, plc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 8 February 2023.
  3. ^ Coppola, Gabrielle (27 December 2021). "Silicon Valley's Push Into Cars Is Testing Aptiv's Tech Makeover". Bloomberg News. Retrieved 28 July 2022.
  4. ^ "Aptiv warns of second-quarter loss as pandemic hits vehicle production". Reuters. 5 May 2020. Retrieved 28 July 2022.
  5. ^ Saigol, Lina. "Aptiv Snaps Up Software Firm Wind River From TPG for $4.3 Billion". Barron's. Retrieved 25 January 2022.
  6. ^ "Aptiv PLC (Formerly Delphi Automotive PLC)". MarkLines Automotive Industry Portal.
  7. ^ "A G.M. Unit Is Renamed". The New York Times. Bloomberg News. 14 February 1995. Retrieved 7 July 2018.
  8. ^ "A G.M. Unit Is Renamed". The New York Times. Bloomberg News. 14 February 1995. Retrieved 7 July 2018.
  9. ^ "Delphi Automotive Chapter 11 Petition" (PDF). PacerMonitor. Retrieved 31 May 2016.
  10. ^ "SEC delisting order". Securities and Exchange Commission. Archived from the original on 22 June 2023. Retrieved 15 April 2012.
  11. ^ "Delphi to close Spain factory, cut jobs". Bloomberg Businessweek. 23 February 2007. Archived from the original on 22 May 2011.
  12. ^ "Closure of the Delphi undertaking in Puerto Real, Cádiz". European Parliament. Retrieved 28 July 2022.
  13. ^ "Zarrías dice que no permitirá que Delphi 'se ría de Andalucía'". Terra. 23 February 2007. Archived from the original on 3 January 2009. Retrieved 23 February 2007.
  14. ^ "Judge allows Delphi to pursue suit against Appaloosa". The Vindicator. Youngstown, Ohio. 29 July 2008. Retrieved 28 July 2022.
  15. ^ Lewis, Rob (27 April 2009). "CoolIT puts new money to work". Techvibes. Retrieved 26 February 2016.
  16. ^ "CoolIT Buys Delphi Liquid Cooling Assets". ppVenture Capital Journal. 28 April 2009. Retrieved 28 July 2022.
  17. ^ "DPH Holdings Corporation". Kurtzman Carson Consultants LLC. Archived from the original on 25 January 2021. Retrieved 30 March 2010.
  18. ^ Stoll, John D.; McKinnon, John D. (8 August 2014). "Delphi Vows to Protect U.K.-Based Status, Fight IRS; IRS Says Automotive Supplier Should File Taxes as a U.S.-Based Company". The Wall Street Journal. New York City. ProQuest 1551908986.
  19. ^ "Delphi Thermal is now part of the MAHLE Group" (Press release). MAHLE. 1 July 2015. Archived from the original on 4 June 2016. Retrieved 15 May 2016.
  20. ^ Gardner, Greg (11 December 2015). "Delphi's self-driving Audi SQ5 to showcase new features". Detroit Free Press. Retrieved 13 December 2015.
  21. ^ "Delphi Automotive Agrees to Buy HellermannTyton for $1.7 Billion". The New York Times. 30 July 2015. Retrieved 31 July 2015.
  22. ^ Molitch-Hou, Michael (3 June 2016). "Automotive Giant Delphi Leverages Carbon 3D Printing for Prototyping and More". Engineering.com. Retrieved 9 December 2016.
  23. ^ Coppola, Gabrielle (24 October 2017). "Delphi Buys Self-Driving Startup NuTonomy for $450 Million". Bloomberg News. US. Retrieved 12 June 2018.
  24. ^ "Delphi Technologies Set to Join S&P MidCap 400 and Frontier Communications to Join S&P SmallCap 600" (PDF) (Press release). S&P Dow Jones Indices. 28 November 2017. Retrieved 28 November 2017.
  25. ^ a b Frangoul, Amour (24 September 2019). "Hyundai and Aptiv to set up $4 billion autonomous driving joint venture". CNBC.
  26. ^ a b Hawkins, Andrew (11 August 2020). "Hyundai's autonomous vehicle project with Aptiv will now be called Motional". The Verge. Retrieved 9 December 2020.
  27. ^ Carey, Nick (11 January 2021). "Aptiv unveils new self-driving platform with wireless upgrades". Reuters. Retrieved 11 January 2021.
  28. ^ "Aptiv Announces the Acquisition of Wind River, A Leading Provider of Intelligent Edge Software Solutions, From TPG" (Press release). Wind River Systems. 11 January 2021. Retrieved 28 July 2022.
  29. ^ "Delphi CFO Resigns, to Restate Results". Fox News. 5 March 2005. Archived from the original on 25 July 2014. Retrieved 29 October 2013.
  30. ^ Vlasic, Bill (28 March 2014). "An Engineer's Eureka Moment with a GM Flaw". The New York Times.
  31. ^ Gnau, Thomas (11 March 2018). "Delphi retirees still fighting for pensions". Dayton Daily News. Retrieved 2 December 2018.
  32. ^ "Ener1 Acquires 100% of Lithium-ion Battery Maker". The Auto Channel. 16 October 2008. Retrieved 28 July 2022.
  33. ^ "Political Economy Research Institute". University of Massachusetts Amherst. Archived from the original on 1 October 2011. Retrieved 15 April 2012.
  34. ^ "Toxic 100 detailed company report (Toxics Release Inventory)". University of Massachusetts Amherst. Archived from the original on 24 December 2008.
  • Business data for Aptiv plc:
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