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Vitesco EV component sales exceed EUR 1.1 bn in 2022, ET Auto

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At present, the former Continental division is still strongly attached to the combustion engine and other areas.

In 2022, drive supplier Vitesco Technologies turned around EUR 1.1 billion, compared to 0.9 billion euros in 2021 with electric drives and other components for electric vehicles.

The supplier believes that electrification products are becoming important and will soon account for the majority of the sales. The company recorded incoming orders of EUR 14 billion in the previous financial year, of which electrification products accounted for EUR 10.4 billion. As of December 31, 2022, the company had EUR 58.5 billion on the order book out of which 46% was in the electrification sector.

“Three quarters of our orders in 2022 came from the electrification business. That is a new record. The transition to electric vehicles is gaining momentum and is unstoppable now,” Andreas Wolf, CEO, Vitesco Technologies, said.

At present, the former Continental division is still strongly attached to the combustion engine and other areas. Company-wide sales in 2022 stood at EUR 9.07 billion. With EUR 1.1 billion from electrification products, resulting in an EV share of 12.1% of sales. On the basis of incoming orders, it is expected that this share will go up significantly.

This is also indicated by the growth in the Electrification Technology business unit, where turnover increased by 17.6% to EUR 692 million. This development was driven “by the high demand for high-voltage electric drives and power electronics, in China and Germany”.

The remaining sales of electrification products came from the Electronic Controls and Sensing & Actuation units. The company aims to achieve electrification sales of EUR 5 billion. According to the statement, about 90% of it is already on the order book.

The Electrification Technology business unit of the company is not yet profitable. “Despite continued high upfront costs for future projects”, the division’s adjusted operating result improved to -EUR 257.7 million, Vitesco said. In 2021, there was still a difference of EUR 273 million. The Electronic Controls (EUR 3.9 billion turnover, 1EUR 66.2 million adjusted operating result) and Sensing & Actuation (EUR 3.5 billion turnover, EUR 328 million adjusted operating result) divisions are in the black.

  • Published On Mar 24, 2023 at 04:13 PM IST

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<p>At present, the former Continental division is still strongly attached to the combustion engine and other areas. </p>
At present, the former Continental division is still strongly attached to the combustion engine and other areas.

In 2022, drive supplier Vitesco Technologies turned around EUR 1.1 billion, compared to 0.9 billion euros in 2021 with electric drives and other components for electric vehicles.

The supplier believes that electrification products are becoming important and will soon account for the majority of the sales. The company recorded incoming orders of EUR 14 billion in the previous financial year, of which electrification products accounted for EUR 10.4 billion. As of December 31, 2022, the company had EUR 58.5 billion on the order book out of which 46% was in the electrification sector.

“Three quarters of our orders in 2022 came from the electrification business. That is a new record. The transition to electric vehicles is gaining momentum and is unstoppable now,” Andreas Wolf, CEO, Vitesco Technologies, said.

At present, the former Continental division is still strongly attached to the combustion engine and other areas. Company-wide sales in 2022 stood at EUR 9.07 billion. With EUR 1.1 billion from electrification products, resulting in an EV share of 12.1% of sales. On the basis of incoming orders, it is expected that this share will go up significantly.

This is also indicated by the growth in the Electrification Technology business unit, where turnover increased by 17.6% to EUR 692 million. This development was driven “by the high demand for high-voltage electric drives and power electronics, in China and Germany”.

The remaining sales of electrification products came from the Electronic Controls and Sensing & Actuation units. The company aims to achieve electrification sales of EUR 5 billion. According to the statement, about 90% of it is already on the order book.

The Electrification Technology business unit of the company is not yet profitable. “Despite continued high upfront costs for future projects”, the division’s adjusted operating result improved to -EUR 257.7 million, Vitesco said. In 2021, there was still a difference of EUR 273 million. The Electronic Controls (EUR 3.9 billion turnover, 1EUR 66.2 million adjusted operating result) and Sensing & Actuation (EUR 3.5 billion turnover, EUR 328 million adjusted operating result) divisions are in the black.

  • Published On Mar 24, 2023 at 04:13 PM IST

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Subscribe to our newsletter to get latest insights & analysis.

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