Aptiv Explained

Aptiv PLC
Type:Public limited company
Former Name:Delphi Automotive plc
(2011–2017)
Location:Dublin, Ireland[1]
Key People:Kevin P. Clark (chairman and CEO)
Industry:Automotive
Products:Vehicle electronics, systems, modules, and components
Revenue: (2023)
Operating Income: (2023)
Net Income: (2023)
Assets: (2023)
Equity: (2023)
Num Employees:154,000 (December 2023)
Footnotes:[2]

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 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

, Aptiv has two diversified business segments:

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] [32]

Joint ventures

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.[34] 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).[35]

External links

Notes and References

  1. News: Car tech firm Aptiv moving global HQ from UK to Dublin . . 2 May 2018 . 28 July 2022.
  2. Web site: Aptiv, plc. 2023 Annual Report (Form 10-K) . . 6 February 2024.
  3. News: Silicon Valley's Push Into Cars Is Testing Aptiv's Tech Makeover . 27 December 2021 . Gabrielle . Coppola . . 28 July 2022.
  4. News: Aptiv warns of second-quarter loss as pandemic hits vehicle production . 5 May 2020 . . July 28, 2022.
  5. News: Saigol. Lina. Aptiv Snaps Up Software Firm Wind River From TPG for $4.3 Billion. 2022-01-25 . . en-US.
  6. Web site: Aptiv PLC (Formerly Delphi Automotive PLC). MarkLines Automotive Industry Portal.
  7. News: A G.M. Unit Is Renamed. The New York Times. 14 February 1995. 7 July 2018. Bloomberg News. subscription.
  8. News: A G.M. Unit Is Renamed. The New York Times. 14 February 1995. 7 July 2018. Bloomberg News. subscription.
  9. Web site: Delphi Automotive Chapter 11 Petition . PacerMonitor . 31 May 2016.
  10. Web site: SEC delisting order . Securities and Exchange Commission . 15 April 2012 . 22 June 2023 . https://web.archive.org/web/20230622015325/https://www.sec.gov/rules/delist/34-52770.htm . dead .
  11. News: Delphi to close Spain factory, cut jobs . https://web.archive.org/web/20110522180457/http://www.businessweek.com/ap/financialnews/D8NFFVOG1.htm . dead . 22 May 2011 . . 23 February 2007.
  12. Web site: Closure of the Delphi undertaking in Puerto Real, Cádiz. European Parliament. 28 July 2022.
  13. Web site: Zarrías dice que no permitirá que Delphi 'se ría de Andalucía' . . 23 February 2007 . 23 February 2007 . 3 January 2009 . https://web.archive.org/web/20090103084254/http://actualidad.terra.es/nacional/articulo/zarrias_delphi_andalucia_1414298.htm . dead .
  14. News: Judge allows Delphi to pursue suit against Appaloosa . . 29 July 2008 . 28 July 2022 . Youngstown, Ohio.
  15. Web site: Lewis. Rob. CoolIT puts new money to work. Techvibes. 27 April 2009. 26 February 2016.
  16. Web site: CoolIT Buys Delphi Liquid Cooling Assets. ppVenture Capital Journal. 28 April 2009. 28 July 2022.
  17. Web site: DPH Holdings Corporation . Kurtzman Carson Consultants LLC . 30 March 2010 . 25 January 2021 . https://web.archive.org/web/20210125094519/http://www.dphholdingsdocket.com/dph . dead .
  18. News: Stoll. John D. . McKinnon . John D. . Delphi Vows to Protect U.K.-Based Status, Fight IRS; IRS Says Automotive Supplier Should File Taxes as a U.S.-Based Company . . New York City . 8 August 2014 . .
  19. Delphi Thermal is now part of the MAHLE Group . MAHLE . 1 July 2015 . 15 May 2016 . https://web.archive.org/web/20160604100540/http://www.mahle.com/mahle/en/news-and-press/press-releases/delphi-thermal-is-now-part-of-the-mahle-group.jsp . 4 June 2016 . dead .
  20. News: Delphi's self-driving Audi SQ5 to showcase new features . Greg . Gardner . . 11 December 2015 . 13 December 2015.
  21. News: Delphi Automotive Agrees to Buy HellermannTyton for $1.7 Billion. The New York Times. 30 July 2015. 2015-07-31. subscription.
  22. News: Automotive Giant Delphi Leverages Carbon 3D Printing for Prototyping and More. Molitch-Hou. Michael. 3 June 2016. Engineering.com. 9 December 2016.
  23. News: Delphi Buys Self-Driving Startup NuTonomy for $450 Million . subscription . Gabrielle . Coppola . Bloomberg News . US . 24 October 2017 . 12 June 2018.
  24. Delphi Technologies Set to Join S&P MidCap 400 and Frontier Communications to Join S&P SmallCap 600 . S&P Dow Jones Indices . 28 November 2017 . 28 November 2017.
  25. News: Frangoul. Amour. September 24, 2019. Hyundai and Aptiv to set up $4 billion autonomous driving joint venture. CNBC.
  26. Web site: Hawkins . Andrew . 2020-08-11 . Hyundai's autonomous vehicle project with Aptiv will now be called Motional . 2020-12-09 . The Verge.
  27. News: Carey. Nick. 2021-01-11. Aptiv unveils new self-driving platform with wireless upgrades. en. Reuters. 2021-01-11.
  28. 2021-01-11. Aptiv Announces the Acquisition of Wind River, A Leading Provider of Intelligent Edge Software Solutions, From TPG. en. Wind River Systems. 2022-07-28.
  29. News: Delphi CFO Resigns, to Restate Results. Fox News. 5 March 2005. 29 October 2013. https://web.archive.org/web/20140725195509/http://www.foxnews.com/story/2005/03/05/delphi-cfo-resigns-to-restate-results/. 25 July 2014. dead.
  30. News: An Engineer's Eureka Moment with a GM Flaw. The New York Times. Bill. Vlasic. 28 March 2014. subscription.
  31. Web site: Delphi Salaried Retirees Association - Home . 2024-02-25 . Delphi Salaried Retirees Association . en-gb.
  32. News: Delphi retirees still fighting for pensions. Gnau. Thomas. 11 March 2018. Dayton Daily News. 2018-12-02. en.
  33. News: Ener1 Acquires 100% of Lithium-ion Battery Maker . . 16 October 2008 . 28 July 2022.
  34. Web site: Political Economy Research Institute . . 15 April 2012 . dead . https://web.archive.org/web/20111001071549/http://www.peri.umass.edu/Toxic-100-Table.265.0.html . 1 October 2011.
  35. Web site: Toxic 100 detailed company report (Toxics Release Inventory). https://web.archive.org/web/20081224155449/http://www.rtknet.org/new/tox100/toxic100.php?company1=6833&chemfac=chem&advbasic=bas. dead. 24 December 2008. University of Massachusetts Amherst.

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