Automotive – stable core business, successful innovations

The Automotive Division maintained stable revenues in 2024, driven by planned project launches, production ramp-ups, and strong customer relationships. Annual revenues reached 482.2 million euros, exceeding forecasts and marking a 2.4 percent increase over the previous year. In the European automotive market, the Division benefited from stagnant demand for new electric vehicles and a resurgence of internal combustion engine sales. In China, where the market is increasingly oriented toward New Energy Vehicles (NEVs), the Division remained competitive despite intense market pressures.

In this demanding environment, the synchro business once again proved to be a pillar of strength. A global production network, excellent cost structures, and strong customer commitment ensured this success. The Refrigeration Air Compression/Mobile Air Compression (RAC/MAC) segment achieved the expected turnaround in the second half of the year. In contrast, Actuation Comfort Solutions (ACS) recorded significant revenue losses due to short-term volume drops in e-mobility projects related to doors and chassis. Nevertheless, the segment delivered solid results through effective cost management.

Accelerating strategic transformation
In 2024, Automotive made significant strides in its transformation. In the eCoupling segment, initial production ramp-ups and global customer inquiries confirmed the strong future potential of the product line, particularly with the emDOC electromagnetic dog clutch. Battery components also attracted growing interest – both from European cell manufacturers and from Asian players planning localization in Europe. A competitive industrialization concept was developed within the product line for these target customers. Additionally, the Smart Housing Minimum Viable Product (MVP) was launched on the market and received positive feedback from customers. Another highlight was the start of production for bipolar plates for electrolyzers – a key component in the production of green hydrogen. This project was supported by a grant from the Bavarian Ministry of Economic Affairs.

Innovation strategy opens up new opportunities
The Division expanded R&D activities in China, enabling faster product validation and enhanced cross-functional collaboration across both conventional and electric drive systems. As the world’s largest automotive market and a pioneer in NEVs, China offers significant opportunities for market entry. Investments were also made in Europe: A new development site for electrical and electronic systems was established in Stuttgart, playing a key role for the eCoupling and battery components product lines.

Strong corporate culture as a driver of change
Despite major changes, the corporate culture remained characterized by team spirit and a strong drive for innovation. The summer’s partial IT outage was swiftly and effectively resolved, a testament to the dedication and resilience of the employees. The Division’s sustained success is largely attributable to the outstanding dedication of its employees, who stood together even more firmly in challenging times.

Outlook for 2025: driving transformation with determination
The goals for 2025 are clear: The core business is to be continued profitably with a focus on cost leadership and maximum resilience. While RAC/MAC aims for continuous performance improvement, ACS will concentrate on unlocking new applications and expanding its product portfolio. At the same time, the transformation will continue at high speed. The focus will be on launching new products – particularly establishing the innovative emDOC.