STOCKHOLM, Jan. 8, 2019 /PRNewswire/ -- Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), achieved record order intake for the full year 2018. The total lifetime value of the 2018 orders is estimated at $5.9 billion, corresponding to an average annual order value of more than $1.2 billion. This represents growth of around 40% compared to 2017 order intake.
For Active Safety, the company's growth engine, order intake almost doubled from 2017, reaching an annual average order value of close to $900 million, corresponding to an Active Safety lifetime order value of $3.8 billion. In line with Veoneer's previous communication, this indicates future market share growth in active safety
In Restraint Control Systems, where Veoneer is the market leader the Company noted order intake significantly above its current market share which is estimated to be around 25%.
Veoneer's products typically have a lead time of 2-4 years from order to delivery, at which point revenues start to be recorded. To prepare for the strong growth indicated by the 2017 and 2018 order intake, Veoneer has during the same time increased its workforce by around 1,800 persons. Veoneer develops and delivers world leading active safety, restraint control and brake systems products sold to car manufacturers globally.
"I am pleased with our order intake for 2018. It marks the third consecutive year of strong order intake growth. This is a strong proof-point for Veoneer as a leading technology company in the automotive industry. Our products are trusted by the leading car manufacturers in the world and our customer list keeps growing. I look forward to working together with the rest of the Veoneer team to create another year of record order intake in 2019", said Jan Carlson, Chairman, President & CEO, Veoneer.
This report is information that Veoneer, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the EVP Communications and IR set out above, at 08.30 CET on Tuesday January 8, 2019.
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Veoneer designs and manufactures products and solutions for active safety, autonomous driving, occupant protection and brake control. Our purpose is to create trust in mobility. Veoneer is a new technology company that is building on a heritage of more than 60 years of automotive safety development. Veoneer and its joint-ventures has 8,300 employees in 13 countries. Headquartered in Stockholm, Sweden, Veoneer is listed on the New York Stock Exchange and on Nasdaq Stockholm.
Safe Harbor Statement: This release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Veoneer, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.
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