GOTHENBURG, Sweden, March 7, 2025 /PRNewswire/ — AB SKF has today published its Annual and Sustainability Report 2024 on the Group’s website. The Report focuses on SKF’s value creation activities for customers, shareholders, and other stakeholders by outlining the Group’s strategic transformation, operational progress and financial performance. Major updates include a revised Remuneration Report for increased transparency and an extended Sustainability Report.

“Also in 2024, we diligently executed on our strategy to further strengthen us as a company. The initiated process to establish Automotive as an independent business is one key example of these value-adding activities. I firmly believe that we today are in a better position to capitalize on profitable growth opportunities as demand recovers,” says Rickard Gustafson, President and CEO.

The Annual and Sustainability Report also highlights the progress towards SKF’s 2030 decarbonization target of a 95% reduction in scope 1 and 2 emissions from a 2019 baseline. In 2024, a 59% reduction was achieved, which is well ahead of the verified Science Based Targets initiative (SBTi) trajectory of a 43% reduction. SKF accelerated its decarbonization efforts in 2024 by achieving a year-on-year emission reduction for scope 1 and 2 emissions of 32%, up from 18% in the previous year.

In addition to these efforts, SKF has made significant strides in renewable energy adoption. In 2024, 72% of SKF’s electricity use came from renewable sources, up from 64% in 2023. This is also important progress on SKF’s commitment as part of the Renewable Energy 100 (RE100) initiative to source 100% of its electricity from renewable sources by 2030.

“The progress we made in 2024 represents a significant achievement and underscores our commitment to achieve our long-term sustainability goals. These, and other achievements, would not have been possible without the hard work and dedication throughout the year from our employees all over the SKF world,” says Rickard Gustafson.

The SKF Annual and Sustainability Report is available for download on https://investors.skf.com.

Aktiebolaget SKF
(publ)

AB SKF is obliged to make this Annual Report public pursuant to the Securities Markets Act. The report was submitted for publication through the agency of the contact person set out below on 7 March 2025 at 13.00 CET.

Gothenburg, 7 March 2025

For further information, please contact:
Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; carl.bjernstam@skf.com 
Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908 072; sophie.arnius@skf.com 

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GOTHENBURG, Sweden, March 7, 2025 /PRNewswire/ — In late February, the MOI Group consortium, anchored by Met-Gün and Opus Group, was awarded the 20-year concession to inspect all vehicles (passenger cars, trucks, buses, motorcycles and more) in Türkiye. This concession – one of the largest of its kind – will commence in August 2027 covering more than 30 million registered vehicles (28.7 million as of the end of 2023) in the country.

“This is a significant win for Opus and MOI Group”, says Lothar Geilen, CEO of Opus Group.  “We are looking forward to developing a technology-first, world class inspection program in Türkiye that centers around customer service. We welcome the opportunity to engage in constructive and purposeful dialogue with both current and potential local vehicle inspection station operators in Türkiye to explore collaborative opportunities under our newly introduced vehicle inspection scheme. Our approach is built on transparency, partnership, and shared value, and we look forward to engaging in discussions on how we can collectively elevate industry standards and deliver outstanding service”, Geilen continued.

To handle the inspection volume in Türkiye, more than 300 inspection stations will be built and equipped and over 6.000 inspectors trained to meet the new inspection standards.  Opus will deploy its lane inspection software, and its vehicle inspection data management system will be used to manage the vehicle inspection program in Türkiye.

Follow this link for an interview with the CEO of Opus Group, Lothar Geilen: https://opus.global/news/articles/tuerkiye-opus-consortium-awarded-a-20-year-vehicle-inspection-concession-for-all-vehicles/

About:

Opus Group, headquartered in Sweden, is a technology-driven, global leader in the Vehicle Inspection and the Intelligent Vehicle Support markets. Opus manages more than 30 million inspections annually and among other, is the clear leader in operating emission inspection programs in the United States.

Opus operates in five continents, in the United States, UK, Germany, Mexico, Argentina, Philippines, and Australia.

MOI Group is a consortium consisting of Met-Gün Inşaat Taahuut Ve Ticaret A.Ş., Opus Group AB (publ), Inversia Gestión sl, and VTV Norte S.A., an Opus Group company.

For more information contact Opus Group: opusturkiye@opusgroup.se

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SHENZHEN, China, March 7, 2025 /PRNewswire/ — Appotronics (688007.SH), a pioneering company listed on the STAR Market of the Shanghai Stock Exchange, has announced that it has been selected by a prominent international automaker as the exclusive supplier of automotive optical components for the cockpit. This nomination underscores Appotronics’ exceptional technical expertise, robust technological advantages, and reinforces its leadership in the global automotive smart cockpit optics industry. It is expected to significantly enhance the company’s revenue from the automotive sector.

After more than half a year of intense competition with dozens of domestic and international rivals, Appotronics has emerged victorious. The company will provide a brand-new, cutting-edge product for the smart cockpit, complementing its previous offerings such as rollable laser projection screens. However, specific details about the product will only be revealed when the unnamed, yet highly reputable automaker, known for its rigorous standards, unveils its new vehicle models. The product will be integrated into a range of vehicles from this automaker, with an expected project lifecycle of five years. This is anticipated to substantially increase Appotronics’ automotive business revenue.

Appotronics’ 2024 annual performance forecast indicates that its automotive business will exceed RMB 600 million, driven by the timely delivery of laser products to automakers like Seres and Geely. Notably, the Seres AITO M9 model, featuring a rollable giant laser projection screen powered by Appotronics, has received over 200,000 cumulative firm orders within 12 months since its launch in December 2023. This has significantly accelerated Appotronics’ strategic shift towards the automotive sector, which began around 2022.

To date, Appotronics has secured 13 development orders for its automotive optics products, with three of these being confirmed in 2025.

About Appotronics

Appotronics is the inventor of the ALPD® laser display technology and a pioneering company listed on the STAR Market of the Shanghai Stock Exchange. From optics for the home, cinemas, and the automotive industry, even to AR glasses, Appotronics’ cutting-edge products are designed to meet the evolving needs of consumers and businesses worldwide.

HONG KONG, March 7, 2025 /PRNewswire/ — Highway Holdings Limited (Nasdaq: HIHO) (the “Company” or “Highway Holdings”) today announced the appointment of Marcum Asia CPAs LLP, New York (“Marcum Asia”) as its new independent auditor, effective immediately and succeeding Hong Kong-based ARK Pro CPA & Co (“ARK”). The appointment is part of the Company’s ongoing commitment to maintaining the highest professional financial reporting to its stakeholders.  

This appointment follows a comprehensive selection process, during which Highway Holdings evaluated several leading audit firms to ensure the highest level of professional service and expertise. The Company had no disagreements with ARK, whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of ARK, would have caused it to make reference to the subject matter of the disagreement in connection with its report. No report of ARK on the financial statements of the Company for the past two fiscal years contained an adverse opinion or disclaimer of opinion or was modified as to audit scope or accounting principles.

This decision was adopted by the audit committee and ratified by the board of directors of the Company.

Marcum Asia, a respected international accounting and advisory firm, will now be responsible for auditing Highway Holdings’ financial statements and reporting processes. With a strong track record in providing high-quality audit and assurance services, Marcum Asia’s team of experienced professionals will work closely with Highway Holdings to ensure compliance with applicable regulations and best practices in financial reporting.

“We are excited to welcome Marcum Asia as our new auditor as part of the company’s ongoing professional upgrading of corporate standards in preparation for an upcoming generational transition, higher future growth and increased shareholder value,” said Roland Kohl, CEO and Chairman of Highway Holdings. “Their extensive experience and international presence make them the perfect partner to support our financial reporting processes and contribute to the continued growth and success of our company.”

“We are honored to have been selected by Highway Holdings as their independent auditor,” said Joy Pan, CPA and Senior Partner at Marcum Asia. “We look forward to working with their leadership team to further strengthen their financial reporting processes and support their continued success.”

Today’s appointment follows a comprehensive restructuring and rejuvenation of Highway Holdings’ Board of Directors to align with supporting its long-term growth strategy. With the restructuring, four new directors joined Highway Holdings bringing a wealth of experience in multinational business environments, with expertise in finance, manufacturing, entrepreneurship, strategy and M&A.

About Marcum Asia

Marcum Asia CPAs LLP (“Marcum Asia”) is a global network of independent accounting and advisory firms, specializing in audit, tax, and advisory services. With a focus on cross-border and international businesses, Marcum Asia delivers tailored solutions to help clients navigate complex financial environments and achieve long-term success. For more information visit www.marcumasia.com.

About Highway Holdings

Highway Holdings is an international manufacturer of a wide variety of quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings’ administrative offices are located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar and Shenzhen, China. For more information visit website www.highwayholdings.com.

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements, which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company’s revenues, operations, markets, products and prices, and other factors discussed in the company’s various filings with the Securities and Exchange Commission, including without limitation, the company’s annual reports on Form 20-F.