German vehicle parts maker wins huge BMW order
ZF Friedrichshafen bets on strong demand for hybrid vehicles as the motor industry shifts towards electric cars
Frankfurt — ZF Friedrichshafen has won an order worth a low double-digit billion euro amount from BMW to supply gearboxes, giving the German auto parts maker breathing room as it prepares to navigate the switch to electric vehicles. The order for automatic gearboxes for internal combustion engines, including a hybrid variant which combines fuel with electricity, is the biggest in the company’s history, CEO Wolf-Henning Scheider says. Higher research and development spending, increased material costs and a weaker automotive market chipped away at ZF's operating profit in 2018, with a fall of 9% to €2.1bn on sales of €36.9bn. ZF said the market would remain challenging in 2019 due to political and economic uncertainties and forecast sales of €37bn to €38bn.
billion euros. The company is betting on strong demand for hybrid vehicles as the auto industry shifts away from the combustion engine towards electric cars in a bid to reduce emissions from driving. Hybrid vehicles are expec...