A resin composition for impact-resistant moldings with high low-temperature impact strength, and an air bag cover made of this resin composition are provided. The resin composition, or a thermoplastic elastomer composition for impact-resistant moldings, is produced by a process comprising subjecting 15 to 40% by weight of component (A), 15 to 40% by weight of component (B) and 20 to 70% by weight of component (C) (taking the total of the components (A), (B) and (C) as 100% by weigh) to a dynamic heat treatment in the presence of a crosslinking agent, said components being as specified below:
(A): an ethylene-α-olefin-non-conjugated diene copolymer rubber having a density of 850 to 900 kg/m3, a Mooney viscosity (ML1+4(100° C.)) of 30 to 150, and an ethylene unit content of 30 to 90;
(B): an ethylene-α-olefin-non-conjugated diene copolymer rubber having a density of 850 to 900 kg/m3 and a Mooney viscosity (ML1+4(100° C.)) of 30 to 150, and an ethylene unit content which is 0.50 to 0.95 time that of the component (A) or an iodine value which is 0.25 to 0.95 time that of the component (A);
(C): a polypropylene resin.