STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Autoliv (NYSE:ALV)(STO:ALIVSDB):
In response to the rapid growth in China vehicle production, Autoliv Inc. (NYSE: ALV and SSE: ALIV) – the worldwide leader in automotive safety systems – has started construction of a completely new factory building in Changchun that will replace the Company’s existing plant in this city in Northern China.
The new plant will more than double the existing floor space. The cost for the new plant will be $6 million.
Autoliv’s Changchun plant manufactures seatbelts, frontal airbags and side airbags for FAW-Volkswagen Automotive Co., FAW Car Co., Great Wall Motor Co., Bejing Benz Automotive Co., BMW Brilliance Automotive Co., and Shanghai GM (Shenyang) Norsom Co. The plant has approximately 450 employees.
Recently, Autoliv also announced an extension of its electronics plant in China. The Company has ten facilities in China, including a technical center with a crash tests facility for complete vehicles. The Company has 5,500 employees in China, and the Chinese market accounted, in 2010, for 11% of the Company’s sales.
Last year, light vehicle production in China grew by 29%. Autoliv’s sales grew by more than 60%.
About Autoliv
Autoliv Inc., the worldwide leader in automotive safety systems, develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has 80 facilities with nearly 43,000 employees in 28 vehicle-producing countries. In addition, the Company has technical centers in eleven countries around the world, with 21 test tracks, more than any other automotive safety supplier. Sales in 2010 grew to by 40% to nearly US $7.2 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the OMX Nordic Exchange in Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.
Safe Harbor Statement
This release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). All such statements are based upon our current expectations and various assumptions, and apply only as of the date of this report. Our expectations and beliefs are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that forward-looking statements will materialize or prove to be correct. Because such statements involve risks and uncertainties, the outcome could differ materially from those set out in the statements. For a summary of such risk factors, please refer to our latest 10-K and 10-Q filed with the SEC. Except for our ongoing obligation to disclose information under law, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information or future events. 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 PSLRA.
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