EV component suppliers Schaeffler and Vitesco Technologies Group have entered into a merger agreement. The transaction is expected to be completed in the fourth quarter of 2024.
The two companies make components such as e-drives, power modules, BMS, control units, motors, steering systems and much more. Schaeffler recently built an electric version of the Ford F-250 pickup to showcase the EV technology that Schaeffler offers to vehicle OEMs.
According to HSBC Global Research, the combination of Schaeffler and Vitesco will create the largest EV powertrain supplier in the world, with 25 billion euros in current sales and a cumulative order intake of 36 billion euros over 2021-23.
“Vitesco enhances Schaeffler’s EV offer with battery management systems (BMS), in our view the most profitable product thanks to its high technological content and more limited competition,” wrote HSBC’s analysts. “Otherwise, the EV portfolios of the two companies overlap completely. In our view, this allows for unprecedented cost saving potential.”
“Preparations for the integration of Vitesco into Schaeffler are making good progress,” said Klaus Rosenfeld, CEO of Schaeffler. “We are confident that we will complete the transaction as planned in the fourth quarter and successfully realize our plan to establish a leading motion technology company in the best interest of our customers, shareholders and employees.”
Source: Schaeffler
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