Lear Benefits From Growing Premium Automotive Seating and Vehicular Electrical/Electronics Content

In our opinion, Lear's revenue will grow in excess of increases in annual worldwide light-vehicle production. The company is well positioned to capitalize on several trends in the global automotive industry, including automakers' focus on high-quality interiors, premium-vehicle segment growth, the proliferation of automotive electronics, and battery electric vehicles. Lear competes in the markets for vehicle seating and automotive electrical and electronic architecture. A culture of continuous innovation, high customer switching costs, highly integrated engineering relationships with customers, and lengthy vehicle programs provide Lear with sticky market share.