Aptiv PLC

Aptiv has split in two: the spun-off wiring business was nearly half its revenue, and what remains is a bet on software and non-automotive markets. But the car business it kept weakened faster than expected, forcing a guidance cut one quarter in. How much of what's left after the split is still car revenue?

• The ramp management promised has not arrived, and it says it wasn't conservative enough.

  Aptiv cut its 2026 revenue outlook by $300 million after four calls promising a back-half ramp — mostly weaker China and European schedules plus delayed launches. It admits it was not conservative enough. How much of the 2026 cut came from China versus Europe?

• Non-automotive is becoming a real business, faster than planned.

  Non-automotive revenue grew 12% in Q2 FY2026 while the car business was flat. The first drone program, won in July, is worth over $500 million across five years; management targets about $300 million a year from drones and robotics.

• Rising material costs are passed on, but only months later.

  Copper, resin and memory chip prices all rose. Customers reimburse most of what Aptiv claims, but typically three to four months later, so until then the extra cost sits on Aptiv and margins stay flat. How much of the higher material costs is still unrecovered?