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(Stockholm, Sweden October 5, 2023) - Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, today provides an update on its ongoing initiatives to reduce its global headcount, including downsizings of 300 indirect employees in China, Japan, Sweden, the United States, and the closure of an office in the Netherlands.
Autoliv continues to adapt and reduce its total workforce and optimize its geographic footprint. On June 8, 2023, Autoliv announced its intention to reduce up to 2,000 indirect employees. On July 13, 2023, Autoliv detailed initiatives including intended reductions of 1,100 indirect and direct employees. Today, the Company announces an additional 300 indirect employees that will leave Autoliv as part of the announced cost reduction framework. The majority of these new reductions is expected to leave the Company before year-end 2023.
The related accruals for the 300 indirect employees are expected to be immaterial and will be accounted for in the third and fourth quarters of 2023. Additional non-recurring charges are expected in future quarters as Autoliv continues to advance its global headcount and structural cost reductions.