Lear is a global automotive supplier with two businesses: complete seat systems and electrical distribution systems. Lear sells exclusively to automakers (OEMs) — not consumers — and is present on over 500 vehicle nameplates worldwide. Seating (~74% of revenue) involves designing, manufacturing, and delivering fully assembled seat systems just-in-time to OEM assembly plants, typically from adjacent facilities sequenced to match each vehicle's build order. Lear claims roughly 26% global market share in seating and argues it is uniquely differentiated by deep vertical integration, owning leather (Eagle Ottawa), fabrics, seat mechanisms, foam, and thermal comfort systems (heating, ventilation, cooling, lumbar, massage). E-Systems (~26% of revenue) centers on wire harnesses — bundles of wires routing electrical signals through a vehicle — plus high-voltage power distribution products like battery disconnect units (BDUs) for EVs and low-voltage electronic controllers. Revenue scales with vehicle production volumes on specific platforms where Lear has content, content per vehicle (larger SUVs and trucks carry more content), and electrification (EVs require incremental high-voltage harnesses and BDUs). Lear's top five customers — GM, Ford, Mercedes-Benz, Volkswagen, and Stellantis — account for ~63% of revenue. Long-term, program-specific contracts include annual contractual price reductions that Lear must offset through efficiency gains and automation. Wire harness manufacturing is labor-intensive and concentrated in low-cost regions including Mexico, Eastern Europe, and North Africa. Lear targets capex below 3% of revenue and returns capital aggressively through share repurchases.