Vitesco EV business order book swells to 7 billion euros in January-September
Of the total order intake in July-September worth 2.5 billion euros, 60% or 1.5 billion euros is for electrification products. In the first nine months of the year, order intake for electrification products stands increased to almost 7 billion euros.
Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, published its results for the third quarter of 2023 today.
Group sales amounted to 2.20 billion euros (Q3 2022: 2.30 billion euros). The decrease in sales in the quarter was mainly due to the planned ramp down of non-core business. Sales in the electrification business amounted to 324 million euros in the July-September 2023 quarter, an increase of around 30% compared to the same quarter of 2022.
As per the company, the volume of electrification orders remains robust. Order intake in the third quarter amounted to 2.5 billion euros, of which approximately 60% (around 1.5 billion euros) related to electrification products. In the first nine months of the year, order intake for electrification products thus increased to almost 7 billion euros.
In Q3 2023, the company’s Electrification Solutions division achieved a further increase in sales due to a persistently high demand, especially in Asia and Germany. The division generated sales of 799.7 million euros in the third quarter (Q3 2022: 687.1 million euros), which equates to organic growth of 21.8 percent.
“I can confidently say that we are well on track to reach our order intake targets this year and to achieve similarly good results in the electrification business to those reported last year,” said CEO Andreas Wolf. “We have received orders in all our key regions and across our entire electrification portfolio." Wolf adds: “More than 75 product launches this year and in 2024 confirm our attractive electrification portfolio and contribute to the enormous growth in electromobility."
Guidance for 2023 confirmed
Vitesco Technologies has confirmed its outlook for 2023. The company continues to anticipate sales of 9.2 billion to 9.7 billion euros. Vitesco Technologies is also expecting the adjusted EBIT margin for 2023 to be in a range of 2.9 percent to 3.4 percent and free cash flow to be around 50 million euros.
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