Core Viewpoint - Aptiv PLC (APTV) has gained attention as one of the most searched stocks, indicating potential interest from investors and analysts regarding its future performance [1]. Earnings Estimates - APTIV HLDS LTD is expected to report earnings of $1.74 per share for the current quarter, reflecting a year-over-year decline of -4.9%. The consensus estimate has decreased by -3.7% over the last 30 days [5]. - For the current fiscal year, the consensus earnings estimate is $7.44, indicating an increase of +18.9% from the previous year, with a recent upward revision of +3.1% [5]. - The next fiscal year's consensus earnings estimate stands at $7.98, suggesting a growth of +7.2% compared to the prior year, with a recent increase of +1.8% [6]. Revenue Growth - The consensus sales estimate for the current quarter is $5.03 billion, which represents a year-over-year growth of +3.7%. For the current and next fiscal years, the revenue estimates are $20.14 billion and $20.8 billion, indicating changes of +2.1% and +3.3%, respectively [11]. Recent Performance - In the last reported quarter, APTIV HLDS LTD achieved revenues of $5.21 billion, marking a year-over-year increase of +3.1%. The EPS for this period was $2.12, compared to $1.58 a year ago, with a revenue surprise of +3.51% and an EPS surprise of +18.44% [12]. - The company has consistently beaten consensus EPS estimates in the last four quarters and has exceeded revenue estimates three times during this period [13]. Valuation - APTIV HLDS LTD is graded A on the Zacks Value Style Score, indicating that it is trading at a discount compared to its peers, which suggests a favorable valuation relative to the market [17].

Aptiv's ( APTV ) Q2 headline numbers didn't pop, but when you unpack the mix, the underlying story is actually more encouraging than the +3% revenues would suggest. Specifically, the growth in Active Safety in North AmericaI have over 13 years of diverse financial analysis experience across various sectors, including Auto, Industrials, and IT. Worked in a Ford and Caterpillar treasury, and managed Investor relations and Strategic finance of a listed IT company of market cap ~USD 2.5bn. My early background a ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for stocks listed in Asia that have a significant gap between their market price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks, net-nets, low price-to-book (P/B) stocks, and sum-of-the-parts discounts [1] - It also highlights wide moat stocks, which are characterized by strong earnings power at a discount, including high-quality businesses and hidden champions [1] Group 2 - The author provides a range of watch lists with monthly updates for investors interested in the Hong Kong market [1]

Summary of Aptiv Conference Call - August 12, 2025 Company Overview - **Company**: Aptiv (APTV) - **Industry**: Automotive parts supplier Key Points and Arguments Financial Performance and Outlook - **Strong Q2 Performance**: Aptiv reported a strong second quarter with vehicle production exceeding expectations, leading to increased confidence in Q3 outlook [3][4] - **Conservative Guidance for H2 2025**: The company has reinstated its 2025 outlook with some conservatism, anticipating potential softening in vehicle production due to tariffs [5][6] - **Cash Position**: Aptiv holds a strong balance sheet with $1.4 billion in cash, allowing for stock repurchases and potential M&A activities [3][9] - **Operational Efficiency**: The company has achieved strong margin expansion and cash flow generation, returning to pre-COVID operational levels [8] Tariff Management - **Direct Impact of Tariffs**: The direct impact of tariffs on Aptiv has been minimal due to effective supply chain management and regional sourcing strategies [11][12] - **Future Tariff Concerns**: The company is monitoring proposed semiconductor tariffs closely, as they could significantly impact operations [13][14] - **USMCA Compliance**: 95% of imports into the U.S. from Aptiv's operations in Mexico are USMCA compliant, which is crucial for maintaining tariff advantages [15][16] Vehicle Electrification - **EV Adoption Forecast**: Aptiv's outlook for EV penetration is around 50% by 2030, lower than IHS's forecast of 70%, with strong growth expected in China and Europe but flat growth in North America [19][20][21] - **Content Opportunities**: EVs present significant content opportunities for Aptiv, particularly in the BEV and plug-in hybrid segments [23][24] Chinese Market Dynamics - **Focus on Top OEMs**: Aptiv is concentrating on partnerships with the top five Chinese OEMs, such as BYD and Geely, while maintaining profitability and cash flow [28][30] - **Growth in Domestic Automakers**: The company has seen a shift towards a higher percentage of business from Chinese domestic automakers, with a focus on maintaining commercial discipline [93][94] EDS Spin-Off - **Value Creation from Spin-Off**: The separation of the EDS business is expected to enhance capital allocation and allow both entities to pursue growth opportunities more effectively [32][38] - **Market Position of EDS**: EDS is a leading player in the wire harness market, with significant margin advantages over competitors [34] Non-Automotive Business Growth - **Increasing Non-Automotive Revenue**: Aptiv's non-automotive revenue is projected to grow, currently at 22% post-spin, with a focus on high-growth markets [46][50] Award Activity and Market Position - **New Business Bookings**: Aptiv has not seen a slowdown in award activity but rather an elongated award cycle due to regulatory uncertainties [52][53] - **Gen Six ADAS Product**: The company has gained traction with its Gen Six ADAS product, which offers cost savings and flexibility for OEMs [56][60] Capital Structure Post-Separation - **Capital Structure Plans**: Post-separation, EDS will have a high sub-investment grade capital structure, while the remaining Aptiv will maintain an investment-grade profile [76][78] Additional Important Insights - **Copper Tariffs**: The impact of copper tariffs is being managed effectively, with minimal exposure anticipated [70][72] - **Mexican Peso Exposure**: The strengthening of the Mexican peso poses a cash flow headwind for Aptiv, as most employees are paid in pesos while revenue is generated in dollars [74][75] This summary encapsulates the key insights and strategic directions discussed during the Aptiv conference call, highlighting the company's performance, market dynamics, and future outlook.

Group 1 - The Shanghai International Automobile Industry Exhibition showcases nearly 1,000 domestic and foreign enterprises from 26 countries, featuring over 100 new vehicles and cutting-edge technologies [2] - Multinational automotive companies like BMW, Audi, and Continental are demonstrating their commitment to the Chinese market through localized products and significant investment plans [2][3] - The exhibition serves as a platform for global automakers to present advancements in smart and electric vehicles, with companies like Continental and Aptiv unveiling localized solutions tailored for China's complex driving conditions [2][3] Group 2 - China has maintained its position as the world's largest automobile production and sales country for 16 consecutive years, with new energy vehicles accounting for over 40% of total new car sales [3] - The rapid development of new energy and smart connected vehicles, along with a complete industrial chain and a wealth of technological talent, attracts foreign enterprises to engage in collaborative innovation [3] - The active participation of foreign companies in the Shanghai Auto Show reflects China's strong appeal to the global automotive industry and will further promote the integration of China's automotive sector with the global market [3][4] Group 3 - Foreign companies are restructuring their relationship with the Chinese market through deep localization, moving beyond mere technology transfer to collaborative innovation with local partners [4] - This "mutual engagement" is expected to elevate China's automotive industry to the high end of the global value chain while opening new growth avenues for multinational enterprises [4] - The scale and innovative dynamism of the Chinese market will determine the competitiveness of global automakers over the next decade [4]

Core Insights - Aptiv reported record adjusted earnings per share of $2.12, exceeding the consensus estimate of $1.83, and revenue of $5.20 billion, surpassing expectations of $5.07 billion [1][2] - Despite strong earnings and revenue growth, operating cash flow declined by 20.7% year-over-year to $510 million, primarily due to increased working capital [1][7] - The company is focusing on five core areas for growth, including expansion in Asian markets, managing supply chain risks, and pursuing sustainability [4] Financial Performance - Adjusted operating income rose to $628 million, a 3.6% increase from the prior year, with margins expanding to 12.1% [2][6] - Revenue from the Electrical Distribution Systems segment increased by 7% year-over-year to $2.21 billion, while the Engineered Components Group saw a 6% growth to $1.72 billion [5][6] - Adjusted EBITDA reached $821 million, reflecting a margin of 15.8% [6] Regional Sales Trends - Asia recorded a 4% sales growth, but China experienced a 1% decline, indicating a shift in demand dynamics [8] - North and South America both achieved 3% year-over-year revenue increases, while Europe saw a 1% decline [8] Strategic Initiatives - The company is planning a spin-off of its Electrical Distribution Systems business, expected to close by March 2026, with associated separation costs of $28 million [9] - Aptiv emphasizes innovation in automotive technology, particularly in integrating AI into advanced driver assistance systems [10] Future Guidance - For Q3 2025, Aptiv anticipates net sales between $4.95 and $5.10 billion and adjusted EPS in the range of $1.60 to $1.80 [11] - Full-year 2025 guidance projects sales of $20.0 to $20.3 billion and adjusted EPS of $7.30 to $7.60 [11]

[Part I - Financial Information](index=4&type=section&id=Part%20I%20-%20Financial%20Information) This section provides a comprehensive overview of Aptiv PLC's financial performance and position for the periods ended June 30, 2025 [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Aptiv PLC's unaudited consolidated financial statements, including statements of operations, balance sheets, cash flows, and detailed notes [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Aptiv reported a 3% year-over-year increase in Q2 2025 net sales to $5,208 million, with net income significantly decreasing due to lower equity method gains Consolidated Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $5,208M | $5,051M | $10,033M | $9,952M | | **Operating income** | $486M | $441M | $934M | $860M | | **Net income attributable to Aptiv** | $393M | $938M | $382M | $1,156M | | **Diluted net income per share** | $1.80 | $3.47 | $1.70 | $4.24 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Aptiv's total assets slightly increased to $23,942 million, while total liabilities decreased, leading to an increase in shareholders' equity Consolidated Balance Sheet Summary (Unaudited) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $8,373M | $7,826M | | **Total assets** | $23,942M | $23,458M | | **Total current liabilities** | $4,751M | $5,131M | | **Total liabilities** | $13,967M | $14,373M | | **Total Aptiv shareholders' equity** | $9,690M | $8,796M | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased to $783 million for H1 2025, while investing activities used less cash and financing activities used more due to debt repayments Consolidated Cash Flow Summary (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $783M | $887M | | **Net cash used in investing activities** | ($212M) | ($829M) | | **Net cash used in financing activities** | ($732M) | ($264M) | | **Decrease in cash, cash equivalents and restricted cash** | ($125M) | ($231M) | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail Aptiv's accounting policies, including a corporate reorganization, planned spin-off of Electrical Distribution Systems, and Motional JV restructuring - In December 2024, the company completed a reorganization, establishing a new Swiss tax-resident parent company, **Aptiv PLC**[24](index=24&type=chunk) - The company announced its intention to separate its Electrical Distribution Systems business into a new, independent public company via a tax-free spin-off, expected to be completed by **March 31, 2026**[30](index=30&type=chunk)[230](index=230&type=chunk) - In Q1 2025, Aptiv realigned its business into three new reportable segments: **Electrical Distribution Systems, Engineered Components Group, and Advanced Safety and User Experience**[31](index=31&type=chunk)[182](index=182&type=chunk) - Restructuring charges of **$52 million** and **$89 million** were recorded for the three and six months ended June 30, 2025, respectively, mainly for global workforce optimization and downsizing European manufacturing[75](index=75&type=chunk) - The company fully repaid the remaining **$250 million** balance of its Term Loan A in Q1 2025[92](index=92&type=chunk) - Final settlement of the **$3.0 billion** Accelerated Share Repurchase (ASR) program occurred in H1 2025, with a total of **48.5 million shares** repurchased at an average price of **$61.84**[134](index=134&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Aptiv's financial performance, strategic initiatives, and segment results, highlighting revenue growth, the planned spin-off, and liquidity [Executive Overview](index=52&type=section&id=Executive%20Overview) Aptiv reported a 3% increase in Q2 2025 net sales, driven by strategic focus on electrification and software-defined vehicles, and a planned spin-off - Announced intention to pursue a tax-free spin-off of the Electrical Distribution Systems business, expected to complete by **March 31, 2026**, incurring **$28 million** and **$47 million** in related separation costs in Q2 and H1 2025, respectively[241](index=241&type=chunk) - Restructured its Motional JV with Hyundai, reducing its common equity interest from **50% to approximately 13%** and eliminating future funding obligations from Aptiv[259](index=259&type=chunk) - Q2 2025 net sales grew **3% to $5.2 billion**, with volumes up **2%**, reflecting growth in Asia Pacific and North America, partially offset by declines in Europe[243](index=243&type=chunk) - The company is focused on maintaining a low fixed cost structure, with approximately **97% of its hourly workforce in best-cost countries** and **30% being contingent workers**, providing operational flexibility[276](index=276&type=chunk) [Consolidated Results of Operations](index=58&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 net sales increased 3% to $5.2 billion, but net income dropped significantly due to lower equity method gains and higher H1 2025 tax expense Net Sales Variance Analysis - Q2 2025 vs Q2 2024 | Variance Driver | Amount (in millions) | | :--- | :--- | | Volume, net of contractual price reductions | $96 | | FX | $38 | | Commodity pass-through | $23 | | **Total Favorable Variance** | **$157** | Net Sales Variance Analysis - H1 2025 vs H1 2024 | Variance Driver | Amount (in millions) | | :--- | :--- | | Volume, net of contractual price reductions | $54 | | FX | ($26) | | Commodity pass-through | $53 | | **Total Favorable Variance** | **$81** | - Restructuring costs decreased to **$52 million** in Q2 2025 from **$70 million** in Q2 2024[297](index=297&type=chunk) - Net gain on equity method transactions was **$46 million** in Q2 2025, compared to **$641 million** in Q2 2024, which included large gains from the Motional JV restructuring[306](index=306&type=chunk)[307](index=307&type=chunk) - H1 2025 income tax expense surged to **$401 million** from **$127 million**, primarily due to a **$294 million** increase in valuation allowance against a Swiss tax incentive, following new OECD Pillar Two guidance[309](index=309&type=chunk)[312](index=312&type=chunk) [Results of Operations by Segment](index=65&type=section&id=Results%20of%20Operations%20by%20Segment) Electrical Distribution Systems and Engineered Components Group saw sales growth in Q2 2025, while Advanced Safety and User Experience sales declined Net Sales by Segment - Q2 2025 vs Q2 2024 | Segment | Q2 2025 Net Sales | Q2 2024 Net Sales | % Change | | :--- | :--- | :--- | :--- | | Electrical Distribution Systems | $2,206M | $2,065M | +7% | | Engineered Components Group | $1,723M | $1,626M | +6% | | Advanced Safety and User Experience | $1,507M | $1,554M | -3% | Adjusted Operating Income by Segment - Q2 2025 vs Q2 2024 | Segment | Q2 2025 Adj. Op. Income | Q2 2024 Adj. Op. Income | Change | | :--- | :--- | :--- | :--- | | Electrical Distribution Systems | $163M | $138M | +$25M | | Engineered Components Group | $287M | $298M | -$11M | | Advanced Safety and User Experience | $178M | $170M | +$8M | [Liquidity and Capital Resources](index=68&type=section&id=Liquidity%20and%20Capital%20Resources) Aptiv maintains approximately $4.0 billion in liquidity, having completed its ASR program and repaid Term Loan A in H1 2025 Available Liquidity as of June 30, 2025 | Source | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents | $1,448 | | Revolving Credit Facility, unutilized portion | $1,999 | | Committed European accounts receivable factoring facility, unutilized portion | $527 | | **Total available liquidity** | **$3,974** | - Completed the final settlement of the **$3.0 billion** Accelerated Share Repurchase (ASR) program during H1 2025[332](index=332&type=chunk) - Fully repaid the remaining **$250 million** outstanding principal balance on the Term Loan A in Q1 2025[356](index=356&type=chunk) - Net cash provided by operating activities was **$783 million** for the six months ended June 30, 2025, down from **$887 million** in the prior year period[372](index=372&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures were reported, with the company continuing to hedge foreign currency risks using derivative and non-derivative instruments - There have been no material changes to market risk exposures from the 2024 year-end report[379](index=379&type=chunk) - The company continues to use derivative and non-derivative instruments to hedge foreign currency risks related to its net investments in non-U.S. subsidiaries[379](index=379&type=chunk) [Controls and Procedures](index=75&type=section&id=Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal controls - Management concluded that as of **June 30, 2025**, the company's disclosure controls and procedures were effective[382](index=382&type=chunk) - No material changes in internal controls over financial reporting were identified during the quarter[383](index=383&type=chunk) [Part II - Other Information](index=76&type=section&id=Part%20II%20-%20Other%20Information) This section covers legal proceedings, risk factors, equity security sales, and other disclosures for Aptiv PLC [Legal Proceedings](index=76&type=section&id=Legal%20Proceedings) Aptiv is subject to various legal actions and claims incidental to its business, with details available in its 2024 Form 10-K and Note 10 - Aptiv is subject to various legal actions and claims incidental to its business, including those related to defects, contracts, warranties, and intellectual property[385](index=385&type=chunk) [Risk Factors](index=76&type=section&id=Risk%20Factors) No material changes to the company's risk factors were reported for this quarter, beyond those previously disclosed in the Q1 2025 Form 10-Q - No material changes to risk factors are reported for this quarter, beyond what was disclosed in the Q1 2025 10-Q[386](index=386&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company received a final settlement of shares under its ASR agreements in Q2 2025, with approximately $2.515 billion remaining for future repurchases - In Q2 2025, the company received **6,075,290 shares** as part of the final settlement of its Accelerated Share Repurchase (ASR) agreements[387](index=387&type=chunk) - As of **June 30, 2025**, approximately **$2.515 billion** remained available under the company's share repurchase program[387](index=387&type=chunk)[388](index=388&type=chunk) [Other Information](index=76&type=section&id=Other%20Information) Two executive officers adopted Rule 10b5-1 trading plans for potential share sales during Q2 2025, with no other trading arrangement changes - Executive Vice President **Obed D. Louissaint** adopted a Rule 10b5-1 trading plan on **May 9, 2025**, for the sale of up to **12,000 ordinary shares**[391](index=391&type=chunk) - Vice Chairman **Joseph R. Massaro** adopted a Rule 10b5-1 trading plan on **May 22, 2025**, for the sale of up to **35,000 ordinary shares**[391](index=391&type=chunk)

Core Insights - Aptiv PLC (APTV) reported better-than-expected second-quarter 2025 results with adjusted earnings of $2.12 per share, beating the Zacks Consensus Estimate by 18.4% and increasing 34.2% year over year. Revenues reached $5.21 billion, surpassing the Zacks Consensus Estimate by 3.5% and rising 3.1% year over year [1][9]. Revenue Performance - Adjusted revenues improved 2% year over year, with a 1% decline in Europe, while North America and South America both grew by 3%. Asia saw a 4% increase, despite a 1% decline in China [2]. - The Electrical Distribution Systems and Engineered Components Group reported revenues of $2.21 billion and $1.72 billion, rising 7% and 6% year over year, respectively. However, the Advanced Safety and User Experience segment's revenues declined by 3% to $1.5 billion [3]. Operating Income and Cash Flow - Adjusted operating income was $628 million, up 3.6% from the previous year, with an adjusted operating income margin of 9.3%, an increase of 60 basis points year over year [3]. - The company generated $510 million in cash from operating activities in the quarter, totaling $783 million for the first half of 2025, compared to $887 million in the prior-year period [4]. Future Outlook - For Q3 2025, Aptiv expects revenues between $4.95 billion and $5.10 billion, exceeding the current Zacks Consensus Estimate of $4.91 billion. Adjusted EPS is anticipated to be between $1.6 and $1.8, slightly lower than the current estimate of $1.81 [5]. - For the full year 2025, Aptiv projects revenues between $20 billion and $20.3 billion, above the current Zacks Consensus Estimate of $19.70 billion. Adjusted EPS is expected to range from $7.3 to $7.6 per share, compared to the current estimate of $7.23 [6].

For the quarter ended June 2025, Aptiv PLC (APTV) reported revenue of $5.21 billion, up 3.1% over the same period last year. EPS came in at $2.12, compared to $1.58 in the year-ago quarter. The reported revenue represents a surprise of +3.51% over the Zacks Consensus Estimate of $5.03 billion. With the consensus EPS estimate being $1.79, the EPS surprise was +18.44%. Here is how APTIV HLDS LTD performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street a ...

Financial Data and Key Metrics Changes - The company reported record second quarter revenue of $5.2 billion, reflecting a 2% year-over-year growth on an adjusted basis [18] - Operating income totaled $628 million, with a 34% increase in earnings per share to $2.12, driven by higher operating income and share repurchases [9][19] - Operating cash flow was $510 million, contributing to a strong balance sheet with over $1.4 billion in cash [24] Business Line Data and Key Metrics Changes - Advanced Safety and User Experience (ASUX) segment revenues declined by 3% to approximately $1.5 billion, impacted by legacy program roll-offs and production slowdowns in China [20][22] - Engineered Components Group (ECG) revenues increased by 5% to $1.7 billion, driven by growth in Europe and local Chinese OEMs [22] - Electrical Distribution Systems (EDS) segment revenues also grew by 5% to $2.2 billion, with strong volume growth in North America and Asia Pacific [24] Market Data and Key Metrics Changes - In North America, revenue grew by 3% despite a year-over-year decline in vehicle production, driven by active safety and electrified programs [20] - European revenue decreased by 1%, slightly better than vehicle production trends, while revenue in China also declined by 1% due to unfavorable customer mix [20] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through the spin-off of Electrical Distribution Systems, which is on track for completion [8] - The strategic emphasis is on electrification, automation, and digitalization trends across multiple industries, with a resilient business model that allows for efficient operations [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential consumer demand weakening in the second half of the year due to evolving trade and regulatory policies [16][29] - The company remains confident in its ability to navigate the dynamic environment and deliver strong financial results [30] Other Important Information - The company received the Volkswagen Group Award for Resilient Supply Chains, highlighting its effective supply chain management [7] - New business bookings totaled $5.4 billion, positioning the company for strong future growth [10] Q&A Session Summary Question: Visibility for Q4 production - Management indicated that they have a fairly firm visibility on schedules through the end of the year, with no significant changes observed recently [36] Question: Content opportunities from shifting vehicle mix - Management noted that they have already seen a shift towards larger vehicles, which has helped offset the slowdown in EV adoption [40] Question: Bookings target visibility - Management expressed high confidence in achieving the $31 billion bookings target, despite some delays in finalizing awards due to the current environment [44] Question: Growth in non-automotive sectors - Management reported strong growth in industrial sectors, expecting solid double-digit growth in the back half of the year [48] Question: Implied growth assumptions for the second half - Management highlighted that growth in the second half is expected to be driven by the ASUX and EDS segments, with multiple program launches contributing to this growth [55] Question: Clarification on pull forward of demand - Management clarified that the pull forward of demand relates to both customer schedules and actual vehicle production [64] Question: Margin expectations for ECG - Management indicated that ECG margins are expected to recover in the second half of the year, despite facing headwinds from FX and commodity prices [82] Question: Impact of copper tariffs - Management stated that the impact of copper tariffs is manageable and that they have been in discussions with customers regarding potential cost pass-throughs [104]