Amotiv Limited (ASX: AOV), formerly known as GUD Holdings, is a diversified automotive parts manufacturer with a growing international footprint. The company supplies 4WD accessories, lighting, electrical systems, and undercar solutions. Amotiv Limited was listed on ASX on 30 June 1962 at an issue price of AUD 3.01 per share.

Financial Performance

While the presentation focused on operational strategy, Amotiv’s underlying financials remain solid. In FY24, the company reported nearly $1 billion in revenue, with a diversified business model spanning 42 sites and 16 manufacturing facilities worldwide. Around 75% of group revenue is now from non-Internal Combustion Engine (non-ICE) products, positioning it well for a more sustainable automotive future.

Capital investment is being deployed alongside the Thai expansion; the company is building a new facility in South Africa to support long-term growth. To meet OEM quality standards, this comes with approximately $2.2 million in capital expenditures, including high-tech manufacturing equipment and robotic welding systems.

Strategic Development

Amotiv’s latest investor event in Thailand marked a pivotal step in its long-term transformation under the “Amotiv Unified” initiative. Unveiled in February 2025, this program is reshaping the company’s operational model, with 25–30 integration and optimisation projects planned over three phases. Each wave spans one year and focuses on data and technology infrastructure, revenue and inventory management, and workforce optimisation.

The transition builds on Amotiv’s 2023 divestment of Davey, its non-automotive business, and the formal rebrand from GUD Holdings to Amotiv in 2024. The result is a focused automotive pure-play, now streamlined into three key segments: 4WD Accessories & Trailering (4WD), Lighting, Power, and Electrical (LPE), and Powertrain and Undercar (PU).

So far, the company has already realised meaningful cost savings through restructuring, including reducing approximately 100 FTE roles. It also reported operational successes, including ERP consolidation, enhanced distribution, and increased production efficiencies across multiple facilities. With a disciplined capital allocation framework and share buyback program, Amotiv has struck a balance between cost control and growth investment.

Growth Pipeline

The Chonburi manufacturing hub in Thailand was highlighted as a linchpin in meeting growing international demand, with three purpose-built factories supporting operations. These facilities now handle towbar production, stainless steel and aluminium fabrication for accessories, and laser-cutting operations. A fourth site has been secured and is scheduled to come online in FY26, with capex staged according to volume growth.

Thailand’s role as a manufacturing powerhouse for pickup trucks, producing vehicles like the Ford Ranger, Toyota Hilux, and Isuzu D-Max, makes Amotiv’s proximity to these OEMs a clear competitive advantage. With around 90–95% of pickups requiring towbars, the company is well-positioned to supply factory and dealer-fitted products.

Amotiv’s investments are paying off because AUD59 million in run-rate revenue uplift has been secured since 2022, with wins across functional accessories and geographic expansions. The company has a 100% OE customer retention rate over the past five years, which speaks to the reliability and stickiness of its business model.

Industry Context

Amotiv is riding several favourable tailwinds. Globally, pickup trucks remain the most accessorised vehicle class, and their dominance in the ANZ and South African markets provides a ready customer base. With Thailand and South Africa both serving as production and export hubs for these vehicles, Amotiv’s manufacturing footprint is strategically located.

Despite new US tariffs on automotive imports, ranging up to 36% for Thai-sourced goods, Amotiv’s direct exposure is minimal, at ~8% of group revenue. The most affected products are Vision X lighting systems from South Korea and select 4WD vehicles exported from Thailand. The company is proactively exploring mitigation tactics, including re-sourcing and re-pricing, and doesn’t expect a material financial impact in FY25.

Amotiv presents a compelling investment opportunity for those seeking exposure to the global automotive sector, particularly in the high-growth 4WD and vehicle accessories market. With diversified revenue streams, increasing international reach, and a clear roadmap for operational optimisation and innovation, Amotiv is well-positioned to deliver shareholder value in an evolving mobility landscape.