Autoliv is the world's largest manufacturer of automotive passive safety systems — airbags, seatbelts, and steering wheels. Airbags and steering wheels make up roughly 68% of revenue, with seatbelts accounting for the remaining 32%. Autoliv sells directly to virtually every major automaker globally, with contracts signed two to three years before a vehicle model enters production and covering the model's full life cycle. Revenue is driven by two core variables: global light vehicle production (LVP), which Autoliv cannot control, and content per vehicle (CPV), which Autoliv can grow by commercializing new safety technologies such as front-center airbags, rear-seat airbags, and active seatbelts. Autoliv delivers on a just-in-time basis from assembly facilities located near each customer's plant. Direct materials represent roughly 54% of net sales, and direct labor scales closely with production volume. Autoliv faces ongoing annual price-down pressure from OEM customers, which it offsets through cost reduction and automation. Geographically, Americas, Europe, China, and Asia ex-China each account for roughly 20-30% of revenue. A key strategic priority is growing with Chinese domestic OEMs, which now represent over 44% of Autoliv's China sales and over 30% of global order intake. Autoliv also holds roughly 60% market share in India, a faster-growing market. The company targets an adjusted operating margin of roughly 12% over the medium term, and returns substantially all free cash flow to shareholders through dividends and buybacks.