Vitesco receives 2 billion euro order for electric car components – CEO

Continental's pilot location for industry 4.0 applications in Regensburg
FILE PHOTO: The Vitesco company logo is seen at Continental's pilot location for industry 4.0 applications in Regensburg, Germany, February 28, 2020. REUTERS/Michael Dalder

March 25, 2022

BERLIN (Reuters) – Vitesco has received an order worth around 2 billion euros ($2.20 billion) to produce a component for electric vehicles (EVs), Chief Executive Andreas Wolf said on Friday, without naming the client.

Vitesco, which has forecast a rise in sales to at least 8.6 billion euros in 2022 from 8.3 billion last year, is in the process of building up its portfolio in electric car parts, with the view of winding down production of parts for internal combustion engine cars by 2028 to 2029.

The powertrain supplier received orders worth around 5.1 billion euros for components relating to EVs last year and said in January it had received a one-billion-euro order from a U.S. manufacturer.

Speaking after Vitesco’s annual results conference, Wolf said that the faster-than-expected uptake in EVs could mean that the company’s transition away from internal combustion engine technology could happen faster than planned but no sooner than the second half of the decade.

($1 = 0.9088 euros)

(Reporting by Victoria Waldersee, Christina Amann; Editing by Miranda Murray)