Vitesco Technologies aims to generate net sales of up to Euro 9.7 billion in 2023

Vitesco Technologies, a global supplier of advanced powertrain technologies and e-mobility solutions, aims to generate net sales of Euro 9.2 billion to Euro 9.7 billion for 2023 on the back of strong orders received, particularly in the electrification business.

The company is also expecting an adjusted EBIT margin for 2023 ranging between 2.9 percent and 3.4 percent and free cash flow of around Euro 50 million.

Besides strong order intake, the second quarter (April-June) was characterised by the signing of long-term partnerships between Vitesco Technologies and semiconductor manufacturers.

Orders worth around Euro 5 billion were booked in the past quarter, of which 90 percent (Euro 4.5 billion) were related to electrification products. To comfortably meet all its orders in the long term, Vitesco Technologies joined forces with further key partners – semiconductor manufacturers ROHM and Onsemi—and secured a supply of energy-efficient high-performance silicon-carbide (SiC) semiconductors worth almost Euro 3 billion.

"Access to SiC-based technologies is crucial for our tremendous growth in electrification. We are working to secure 100 percent of our semiconductor requirements until 2030," Andreas Wolf, CEO of Vitesco Technologies.

In the second quarter of 2023, Vitesco Technologies generated group sales of €2.44 billion as compared to Euro 2.17 billion in the same quarter a year ago. This included sales of electrification products of Euro 354 million as against Euro 237 million in Q2 2022.

The electrification and core businesses saw sharp growth of 23.9 percent and outperformed the global passenger car market by 8.4 percentage points. There was also an increase in adjusted EBIT to Euro 76.3 million as against Euro 34.9 million in Q2 2022. This equates to an adjusted EBIT margin of 3.1 percent.