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Aptiv (NYSE: APTV) and Hyundai Motor Group have finalized the restructuring of their joint ownership in Motional AD Aptiv sold 11% of its common equity in Motional to Hyundai for $448 million in cash. Additionally, Aptiv exchanged 21% of its common equity for an equivalent amount of preferred shares. These transactions, coupled with Hyundai's earlier funding, reduced Aptiv's common equity stake in Motional from 50% to 15%, reallocating ownership interests and potentially impacting future financial and strategic directions for both companies.
Aptiv reported solid first-quarter financial results with U.S. GAAP earnings of $0.79 per diluted share and revenue of $4.9 billion. The company saw an increase in revenue of 2% and net income of $218 million. Adjusted earnings were $1.16 per diluted share, and the company returned $600 million to shareholders through share repurchases. Aptiv secured significant new business awards totaling nearly $13 billion and remains confident in delivering value to shareholders through innovation and cost optimization.
Aptiv PLC announced the addition of Vasu Jakkal to its board of directors during the Annual General Meeting of Shareholders. With over 20 years of technology expertise, Jakkal's appointment aims to enhance Aptiv's innovation and commercialization efforts in mobility and connectivity technologies.