Garrett’s full year 2023 outlook, as of July 27, 2023, includes the following expectations: 2023 light vehicle industry production at ~84Mu, 2% increase vs. 2022, 1% increase vs. prior outlook; 2023 Euro/dollar assumption of 1.10 EUR to 1.00 USD, 1.11 EUR for 2H, increase vs. prior outlook of 1.07 EUR to 1.00 USD; R&D investment at 4.3% of sales in 2023, greater than50% on electrification technologies; Capital expenditures at 2.3% of sales, 20% into electrification technologies.
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