Vitesco Technologies reports loss of 11.3 million euro in Q1 2022

The company reported that despite challenging market conditions it had been able to perform well with Group revenues at €2.26 billion (Q1 2021: €2.30 billion), a decrease of 1.9 percent. Adjusted for changes in the scope of consolidation and exchange rate fluctuations, revenues fell by 5.6 percent. Sales of electrification products totalled €263 million. The Adjusted operating profit increased year-on-year to €45.2 million (Q1 2021: €17.1 million), adjusted EBIT margin of 2.0 percent (Q1 2021: 0.7 percent), and net income (profit) in the first quarter amounted to €-11.3 million (Q1 2021: €-31.7 million).

The powertrain major says sales were kept almost at the level of the previous year’s quarter, which was characterised by catch-up effects. The revenue was achieved despite persistent semiconductor shortages and lockdown-related production losses in China. Furthermore, Vitesco Technologies reports a new record order intake for its electrification business.

Andreas Wolf, CEO, Vitesco Technologies said, “We are particularly proud of our record order intake for electrification products. We were able to generate close to €3.7 billion with electrification orders in the first quarter of 2022.”

Of this, €3.5 billion were attributable to business unit Electrification Technology. In total, the company booked an order volume of €4.5 billion in the past quarter, which includes Hyundai Motor Group’s 2-billion-euros-order for the EMR4 axle drive that announced recently.

In addition, another major order has recently been booked: Vitesco Technologies will supply its battery management system to a global customer for around €1.7 billion. The system is designed for the 400-volt and 800-volt architecture of battery electric vehicles and enables wireless communication between the individual components. The start of production is planned for the first half of 2024.

Werner Volz, CFO, Vitesco Technologies said, “The consequences of the Covid-19 pandemic, the continuing supply bottlenecks for important components such as semiconductors, price increases for raw materials and energy and the effects of Russia’s aggressive war in Ukraine on global supply chains present us – like the entire industry – with major challenges. However, we were able to achieve a solid overall result again this quarter through a continued strict cost discipline. We even managed to exceed market expectations.”