German drive systems supplier Vitesco reported its financial result for CY2022. The revenue came at 9.07 billion euro (Rs 79,707 crore), up 4 percent YoY.
During the period the electrification components business generated sales of around 1.1 billion euro (Rs 9,668 crore). The core business of all three business units contributed to this result, whereby the Electrification Technology business unit registered the strongest percentage growth in sales of 17.9 percent from 587.1 million euro (Rs 5,158 crore) in 2021 to 691.9 million euro (Rs 6,080 crore) in fiscal year 2022.
“We look back on a successful year, despite the historic challenges such as Russia’s war of aggression in Ukraine and ongoing disruption to supply chains,” said Andreas Wolf, CEO, Vitesco Technologies.
In 2022, Vitesco Technologies says it received new orders totalling around 14 billion euro (Rs 123,032 crore) (2021: 11.2 billion euro or Rs 98,425 crore). Of this, roughly 10.4 billion euro (Rs 91,395 crore) of the order intake was attributable to components for electrified vehicles.
“This means around 75 percent of our orders were related to e-mobility. That is a record for the company. The volume of new orders we received around the world shows once again that the OEM’s have now fully embraced the electrification trend,” added Wolf.
Werner Volz, CFO, Vitesco Technologies expressed his satisfaction in view of the difficult market conditions with this performance: “Despite the headwinds we were able to fully meet our forecast for 2022 in all key financial indicators, and even exceed it in some areas. This gives us a further boost in our transformation toward e-mobility.”