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The Vitesco Technologies Group became part of the Schaeffler Group as of October 1, 2024, due to the merger of Vitesco Technologies Group AG into Schaeffler AG.
Please note: Legal or actual changes since October 1, 2024, are therefore no longer reflected in the content of the website.
As the website is no longer updated, we assume no liability for the content of this website, or the linked websites contained therein. The operators of the linked sites are solely responsible for their content.
Irrespective of this, you can still find the current BPCoC and the General Terms and Conditions of Purchase at Vitesco Technologies - Suppliers (vitesco-technologies.com)
Under the following link you will find the current Schaeffler website:
Regensburg, May 5, 2022. Vitesco Technologies, a leading international developer and manufacturer of cutting-edge drive systems for sustainable mobility, held its first Annual General Meeting (AGM) today. The AGM was held virtually due to the continuing COVID-19 pandemic.
On May 5, 2022 the first Annual General Meeting of Vitesco Technologies Group AG took place.
© Vitesco Technologies GmbH (exclusive rights)
Annual General Meeting expresses confidence in the Executive Board and Supervisory Board
In separate votes, the shareholders formally approved the actions of all the Executive Board members during their term of office in the 2021 financial year. The actions of all members of the Supervisory Board in office in 2021 were also approved for their respective terms.
Election proposals for shareholder representatives on the Supervisory Board accepted in full
All current members of the Supervisory Board representing the shareholders who were up for election were re-elected to office. The members of the Supervisory Board who represent the employees will be elected separately. A complete list of all Supervisory Board members and the results of the voting at the AGM are available on the Vitesco Technologies website under ‘Annual General Meeting’.
All other agenda items approved
The Annual General Meeting approved the remuneration report of Vitesco Technologies Group AG for the 2021 financial year and the remuneration system adopted by the Supervisory Board for members of the Executive Board.
The shareholders also approved the proposed amendments to the articles of association relating to the changes to Supervisory Board remuneration. The amendment allowing members of the Supervisory Board to take part in future Annual General Meetings by audio and video link was also adopted.
Over 78 percent of the share capital represented at the time of voting
469 users followed the live stream of the Annual General Meeting online. When the voting took place, over 31 million shares were represented, or over 78 percent of the approximately 40 million shares issued.
All detailed documents on the 2022 Annual General Meeting are available in the Annual General Meeting section of the Vitesco Technologies website.
Speech by CEO Andreas Wolf: “The electrification business is the engine of growth”
“Things are looking good for 2022,” said Andreas Wolf in his speech to the inaugural AGM. At the start of the year, Vitesco Technologies secured a major order worth around €2 billion for the supply of its new generation axle drive (EMR4) to the Hyundai Motor Group. It was only at the end of last year that the company had won an order for high-voltage inverters based on silicon carbide technology from an American vehicle manufacturer, worth more than a billion euros. Other big-ticket orders for high-voltage axle drives and power electronics have been received recently from China, Korea, and Japan. Reporting on the 2021 financial year, the CEO told shareholders that “Vitesco Technologies achieved very solid results in 2021 despite the difficult market environment caused by supply problems, the semiconductor shortage, and the COVID-19 pandemic. The company either achieved the middle to upper end of its own forecast or even exceeded the communicated range for all key financial indicators.”
In his speech, CEO Andreas Wolf said that the company’s early and decisive focus on electrification technologies has paid off. “Our entire product portfolio is benefiting from the boom in electric-powered transport. In 2021, we secured orders with a value of €5.1 billion for electrification products alone. With our experience, our electronics and systems expertise, and our extensive portfolio, we are extremely well-positioned for the future.” Total order intake for 2021 stands at €11.2 billion.
Vitesco Technologies is working to increase efficiency and lower costs to make electric-powered transport suitable for large-scale use. The company uses a modular design, greater integration of components and functions, and more extensive standardization to help it achieve this objective.
