The company through its Chief Executive Andreas Wolf estimates that by 2022 there will be an increase in sales to at least €8.6 billion.
Whereas last year the powertrain manufacturer’s sales were only €8.3 billion in 2021. Now, the German company is in the process of building its portfolio in electric car parts. The goal is to reduce the production of spare parts for internal combustion engines by 2028 to 2029.
Vitesco received orders worth €5.1 billion euros for components related to electric cars last year. In January it had received an order of one billion euros from a US manufacturer.
“The faster-than-expected uptake of electric cars could mean that the company’s transition away from internal combustion engine technology could happen sooner than originally planned but not sooner than the second half of the decade,” Wolf said.