Apple entering the electric-car race could be a boon to Continental AG’s Vitesco Technologies powertrain unit as it works on transitioning away from internal combustion engines to electric vehicles that run on batteries.
“An Apple car would certainly be an exciting development,” Vitesco Chief Executive Officer Andreas Wolf said in an interview. “The more EVs there are, the better.”
Soon-to-be spun-off Vitesco can’t afford to be picky. Car-parts makers are under pressure as the industry shifts toward battery-powered vehicles, which require fewer parts than gasoline and diesel-powered cars. Volkswagen AG last week became Germany’s most valuable company after rapid-fire announcements on how it wants to supplant Tesla Inc. as the global electric leader. BMW AG shares surged after the manufacturer said it expects EVs to account for about half of sales by 2030.
Vitesco seeks to shift about a third of its sales into components for so-called mild hybrids, plug-in hybrids and fully electric cars over the next three to five years, the CEO said. Many of its existing products, like engine controls, can also be deployed in EVs, he said.
MacDailyNews Take: Smart suppliers and assemblers welcome Apple into new markets and seek to earn Apple’s business.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]