Autoliv expands to Vietnam and invests in new airbag cushion plant

Rhea-AI Summary

Autoliv (NYSE: ALV) announced plans to establish a new airbag cushion and fabric plant in Vietnam to meet the growing demand for airbag production in Asia. This state-of-the-art facility, located in Amata City Ha Long Industrial Park, will cover around 90,000 sqm and is slated to begin operations by late 2025, eventually employing up to 2,000 people. The investment is part of Autoliv's strategy to enhance its manufacturing capabilities and reduce costs while addressing customer demands for safety products in the expanding Asian market. This marks Autoliv's first investment in Vietnam.

Positive

• Establishment of a new airbag cushion and fabric plant in Vietnam to meet growing demand.
• The facility will create up to 2,000 jobs when fully operational.
• Integration of Manufacturing 4.0 concepts to enhance operational efficiency.
• Strategic response to customer demand in the expanding Asian market.

Negative

• None.

STOCKHOLM, April 20, 2023 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV) (SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced its plan to build a new state of the art airbag cushion and fabric plant in Vietnam, serving Asia. The investment in the new textile facility is in response to customer demands and is intended to meet expanded future airbag production needs for the growing Asia market.

The new facility will be built in Amata City Ha Long Industrial Park, located in the northern part of Vietnam. The facility will showcase Autoliv's manufacturing capabilities utilizing Manufacturing 4.0 concepts by integrating new technologies into the operations. This is the first Autoliv investment in Vietnam.

"I am excited to open our first Autoliv facility in Vietnam. We continuously look for ways to improve our footprint and reduce our costs structurally, and the new plant will complement our existing footprint in Southeast Asia. With the significant growth in demand for our restraint system products in Asia, Autoliv Vietnam will play an increasingly important role in meeting our customer demands," said Colin Naughton, President Autoliv Asia.

The site area will be approximately 90,000 sqm, and the new production facility is expected to begin production of airbag cushions for our airbag module assembly facilities in Asia by late 2025. When fully operational, the facility can employ up to 2,000 people.

Inquiries: 

Media: Gabriella Ekelund, Tel +46 (70) 612 64 24
Investors & Analysts: Anders Trapp, Tel +46 (0)8 587 206 71
Investors & Analysts: Henrik Kaar, Tel +46 (0)8 587 206 14

The following files are available for download:

https://mb.cision.com/Main/751/3754284/1995832.pdf	Press release_Vietnam OPW
https://news.cision.com/autoliv/i/image-of-new-facility,c3168657	Image of new facility

 

View original content:https://www.prnewswire.com/news-releases/autoliv-expands-to-vietnam-and-invests-in-new-airbag-cushion-plant-301802693.html

SOURCE Autoliv

FAQ

What is Autoliv's new investment in Vietnam?

Autoliv is investing in a new airbag cushion and fabric plant in Vietnam to fulfill increased production needs in Asia.

When will Autoliv's new facility in Vietnam start production?

The new facility is expected to begin production of airbag cushions by late 2025.

How many jobs will the new Autoliv plant in Vietnam create?

The plant will employ up to 2,000 people when fully operational.

Where is Autoliv's new facility located?

The new facility is located in Amata City Ha Long Industrial Park, Vietnam.

What is the purpose of Autoliv's new plant in Vietnam?

The plant aims to meet the growing demand for airbag production in the Asian market.