Annual General Meeting of Vitesco Technologies: “All key targets for 2022 achieved”

Hyderabad, May 24, 2023: Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, headquartered in Regensburg, Germany, held its 2023 Annual General Meeting today. Hosted as an in-person event for the first time, the Annual General Meeting took place at the marinaforum in Regensburg.

Actions of the Executive Board and the Supervisory Board approved

In form of individual votes, the shareholders formally approved the actions of all members of the Executive Board for their respective terms of appointment during 2022. The actions of all serving members of the Supervisory Board in 2022 were also approved for their respective terms of appointment. “I am delighted that our entire team has been given the vote of confidence from the shareholders today. We can be proud of what we have achieved in 2022 and in previous years,” commented CEO Andreas Wolf.

All further agenda items approved

The Annual General Meeting approved the 2022 remuneration report of Vitesco Technologies Group Aktiengesellschaft. Moreover, the shareholders approved a change to the company’s articles of association concerning the hosting of virtual annual general meetings. Going forward, it will be for the Executive Board to decide whether the Annual General Meeting is hosted as a virtual or in-person event. 

80.21 percent of the share capital represented at the time of voting

Roundabout 100 shareholders attended the Annual General Meeting in Regensburg. At the time of voting, around 32 million shares were represented, or 80.21 percent of the approximately 40 million shares issued.

Comprehensive documentation relating to the 2023 Annual General Meeting has been made available in the ‘Annual General Meeting’ section of Vitesco Technologies’ website.

Targets for 2030: sales of €10 billion to €12 billion from e-mobility with climate-neutral production

2022 was a successful year for e-mobility at Vitesco Technologies. The company was able to secure a significant number of large-scale orders for electrification components over the course of the year. “The volume of order intake in 2022 clearly demonstrates the attractiveness of our product portfolio. €14 billion order intake in total, of which electrification accounts for €10.4 billion,” explained CEO Andreas Wolf in his speech at the Annual General Meeting. At the end of 2022, the order backlog stood at around €60 billion, with 46 percent of this total attributable to e-mobility products.

In his speech, Andreas Wolf also emphasized that Vitesco Technologies has achieved all key targets for 2022, despite the ongoing global challenges. The plan for 2023, as set out by Wolf, is to further improve sales and EBIT. “We are well-prepared, and our strategy is paying off,” Wolf confirmed to shareholders in Regensburg. According to CEO Andreas Wolf, Vitesco Technologies has received orders from the electrification business of over €4 billion since the beginning of 2023.

Vitesco Technologies’ transformation strategy is well under way. The company expects to generate sales of around €5 billion in the electrification business in 2026. “And our robust growth in this business does not end there,” adds Wolf. The aim is to reach sales of €10 billion to €12 billion in 2030. By the same year, the company also intends to have made its own production processes completely climate neutral.

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