Jammu Tawi:Vitesco Technologies, a provider of modern drive technologies and electrification solutions for sustainable mobility, published its results for the second quarter and first half of 2024.
“The key financial figures for the second quarter of 2024 illustrate the slow recovery of the market environment in the automotive sector,” explains Andreas Wolf, CEO of Vitesco Technologies. “Despite these challenging conditions, we achieved a further increase in the profitability of Vitesco Technologies.”
The current decrease in call-offs from vehicle manufacturers and the planned ramp down of non-core business meant that Vitesco Technologies generated consolidated sales of €2.02 billion in the second quarter of 2024 (Q2 2023: €2.44 billion). This included sales in electrification products of €347.8 million (Q2 2023: €354.3 million). Adjusted for changes in the scope of consolidation and exchange-rate effects, consolidated sales were thus down by 11.5 percent.
Vitesco Technologies also increased its activities in the growth market of China and further expanded its market presence with the recent launch of battery management production.
“Our increased commitment in China is bearing fruit and shows that we are on the right track with our strategy. The new battery management production facility enables us to meet the growing demand in China even better,” says Andreas Wolf.
