EV component manufacturer Vitesco receives orders worth $2.20 billion

In a statement Vitesco‘s Chief Executive Andreas Wolf said, the company had received a $2.20 billion (2 billion euros) order to produce a component for electric vehicles (EVs).

Wolf did not name the client.

Last year the company had forecast a rise in sales to at least 8.6 billion euros, up from 8.3 billion in the previous year.

The company is in the process of building up its portfolio in electric car parts, with the view of winding down production of parts for internal combustion engine cars by 2028 to 2029.

In 2021, it had reported receiving orders worth around 5.1 billion euros for components relating to EVs and earlier in January it had received an order worth 1 billion euros from a U.S. manufacturer.

Speaking after Vitesco’s annual results conference, Wolf said that the faster-than-expected uptake in EVs could mean that the company’s transition away from internal combustion engine technology could happen faster than planned but no sooner than the second half of the decade.

($1 = 0.9088 euros)

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