STOCKHOLM -- Swedish automotive supplier Autoliv said on Tuesday it expected its business to expand at a faster pace than the growth in light vehicle production from 2022 and 2024.
The company also said it expected organic sales to rise 4 percent to 6 percent a year in the long-term.
The world's largest producer of airbags and seatbelts also said it was targeting a 12 percent adjusted operating margin for the 2022 to 2024 period, in line with its previous mid-term target.
Autoliv said it expected the growth in its business to outpace light vehicle production by 4 percentage points in the period, compared with a previous mid-term target of 4 percent to 5 percent.
"When our ongoing and planned strategic initiatives are fully implemented, and there is stability in market conditions, the ambition is to further increase our earnings capacity to an adjusted operating margin of around 13 percent," Autoliv said.
The supplier announced a new share repurchase program worth up to $1.5 billion over the next three years.
A global semiconductor shortage is pressuring automakers to cut output despite rebounding demand. Autoliv slashed its full-year outlook last month.
