The change to the new name Vitesco is planned to become effective in the second half of 2019. The management team of the new company, headed by CEO Andreas Wolf, is now pushing ahead with preparations for a partial IPO, which could take place from around 2020, depending on the market situation.
The business areas of the company will be further developed, in particular with regard to local and global emission targets. In addition to its business with combustion engines, the company also operates the entire future business with hybrid and electric drives as well as all ongoing battery activities. The company regards itself as a technology leader in the electrification of drive systems. As one of only a few system suppliers, it can provide the complete electrification of the powertrain from a single source - from 48V systems to integrated hybrid concepts in transmissions and axles to pure electric drives including power and charging electronics as well as battery management systems.
With its innovative power electronics, Continental has made a key contribution to the European "Car of the Year 2019", the Jaguar I-PACE. The company's importance in the drive market is also reflected in the high level of incoming orders: in 2018 it amounted to around €11 billion, of which around €2 billion was accounted for by electric mobility.
For the future, Vitesco CEO Andreas Wolf expects a mix of several drive technologies. The new company intends to focus on electrification. However, the product range will also include the electrics and electronics of advanced combustion engines as well as battery electric drives and fuel drives. Synthetic fuels will also play a role, Wolf said.
"In the medium term, we will optimize mass transportation by providing exhaustive support for mild and full hybrid solutions. And we are already developing the next generation of electric drives for the CO2-free mobility that will be necessary in the long term and are preparing technologies for CO2-neutral hydrogen-based fuels, whether in fuel cells or as synthetic fuels in engines. With regard to the environment, we are pursuing a clear goal: "By electrifying and optimizing combustion engines, we want to help halve CO2 emissions by 2030," says Wolf.