Vitesco Technologies received 4.5 billion euros in new orders in the first quarter, of which 3.7 billion euros came from electrification-related products

Vitesco Technologies released its first-quarter 2022 financial report on Friday. Despite the adverse effects of continued semiconductor supply shortages and China's epidemic control, the report showed that the group's sales in the first quarter reached 2.26 billion euros, a slight decrease of 1.9% from 2.3 billion euros in the same period last year. After adjusting for changes in the scope of consolidation and the impact of exchange rate fluctuations, sales fell 5.6%.

Among them, new orders for the electrification business set a new record. CEO Andreas Wolf said: "Vitesco Technologies' new orders in the field of electrification have set new records. In the first quarter of 2022, we received nearly 3.7 billion euros in electrification orders."

Of this, 3.5 billion euros were attributed to the New Energy Technology Division. Overall, the Group received 4.5 billion euros in new orders in the first quarter, including the previously announced 2 billion euros order for the highly integrated electric drive system (EMR4) from Hyundai Motor Group.

In addition, Vitesco Technologies has recently won an order worth 1.7 billion euros to provide a battery management system for a global OEM customer. The system can be used in new energy vehicles with 400 volt and 800 volt structures and can provide wireless communication between various battery modules. The company plans to start mass production in the first half of 2024.

For the second quarter of 2022, Vitesco Technologies expects the market environment to be more challenging. Due to continued supply shortages and related logistics and rising raw material prices, production restrictions due to epidemic control in some parts of China, and uncertainties caused by the Russian-Ukrainian war, global automobile production is expected to be the same as last year or slightly higher than last year. Automobile production in the European and Chinese markets may decline slightly. Vitesco Technologies expects sales in 2022 to reach 8.6 to 9.1 billion euros.