Volkswagen India Enhances Its Flagship SUVW, Tiguan For Customers

Volkswagen Passenger Cars India today announced the introduction of the updated Tiguan for customers with enhanced feature offerings. The flagship SUVW by Volkswagen is now available to customers with new and fresh dual-tone Storm Grey interiors, along with the much in demand wireless mobile charging feature that allows the customer to charge their mobile phone on the move. The enhanced Tiguan is also now RDE norms compliant. The feature enhanced Tiguan is available for customers at an attractive price of INR 34.69 lakh (ex-showroom).

Aiding customers to park quickly and smartly in the tightest spaces, the updated Tiguan is equipped with Park Assist (Level 1 ADAS system). With Park Assist, it's like having a personal parking attendant.

Speaking at the introduction of the enhanced Volkswagen Tiguan, Mr Ashish Gupta, Brand Director, Volkswagen Passenger Cars India said, “Generation after generation, we have witnessed an increasing demand for our global best-seller, the Volkswagen Tiguan. With the updated  Tiguan, we are offering our customers an impeccable combination of style, performance, premium-ness, safety and class-leading features. The Tiguan commands a strong and robust presence owing to its immaculate German-engineering, build quality, safety and fun-to-drive experience. We are certain the enhanced Tiguan will attract many more Indian customers to the Volkswagen family enabling them to experience & enjoy our flagship model.”

At Volkswagen, we advocate zero compromise on safety and therefore in-line with the regulatory requirements, the Tiguan now comes with rear seat belt reminder, along-with innovative, safety technologies and assistance systems such as six airbags, anti-lock braking system (ABS), ESC, anti-slip regulation (ASR), EDL, EDTC - Engine Drag Torque Control, hill start assist, hill descent control, active TPMS, 3 head-rests at rear, 3-point seat belts, ISOFIX x2 and driver alert systems. These active and passive safety features keep the occupant and pedestrian in and around the vehicle secure.

The updated Tiguan will be available to customers across the Volkswagen India network of 157 sales and 124 service touchpoints across 115 cities in India. For more information on the product, customers can reach out to the nearest dealership or the Volkswagen India website.

Product information: Volkswagen Tiguan

Skip boring with the Volkswagen Tiguan that offers a progressive design language, enviable performance, premium features, safety and class-leading technology for customers in the segment. The feature rich Tiguan is based on the globally renowned MQB platform and is being offered in the ‘Elegance’ variant.

The all-rounder Tiguan commands a strong robust presence with its striking exteriors of a muscular designed bumper and piano black finish inserts, along with a broad radiator grille that proudly envelopes the Volkswagen logo right in the centre. Enhancing its appeal is the intelligent and adaptive IQ. Lights - LED matrix headlights. Light that has a more commanding on-road stance  and guides the driver through the different light conditions & driving modes across the varied terrains with greater visibility and comfort.

Complementing this is the dark LED combination tail lamps at the rear, with the new light signatures that emanates sophistication. The tail-light cluster includes a switch function for the LEDs when braking, the “click-clack” effect. The conspicuous switching between the tail-lights and brake lights warns tailing traffic more effectively.

The Tiguan is powered by the globally renowned TSI technology of Volkswagen. With a 2.0L TSI engine mated to a 7-speed DSG transmission with 4MOTION (all-wheel-drive)  technology that produces a class-leading peak power output of 190PS (140 kW) ranging from 4200-6000 rpm and a peak torque of 320 Nm right from 1500 rpm and flat up to 4100 rpm. The Tiguan guarantees superior acceleration and fast pick-up, ensuring an overall fun-to-drive experience. The Tiguan now offers a fuel efficiency of 13.54 kmpl (ARAI certified), an improvement by 7%.

Offering class-leading comfort & convenience for all journeys, the feature rich and well-appointed premium interiors of the Tiguan along with the panoramic sunroof that offers an experience of an expansive cabin space & flexibility, making every drive memorable. The Tiguan comprises of a 25.40cm customizable digital cockpit and 20.32cm touchscreen infotainment system with gesture control. For the ease of customers, the advanced reverse camera gives four different views for convenient parking. Making storing luggage more convenient is the easy open & close boot feature with a space of 615 litres.

The comprehensive and feature-rich Tiguan will be offered in five exterior colour options – Nightshade Blue, Oryx White with Pearl effect, Deep Black, Dolphin Grey, and Reflex Silver for customers to choose from.

Medtronic Bolsters Presence In India By Investing Approximately INR 3000Cr To Expand Medtronic Engineering & Innovation Center

* Investment to expand the R&D center and scale up to 1500+ employees in 5 years.

In a significant move towards the growth of the healthcare technology sector in India, Medtronic plc, the global leader in healthcare technology, announced an investment of  approximately INR 3000cr (more than $350M) to expand the Medtronic Engineering & Innovation Center (MEIC) in Hyderabad. MEIC is Medtronic’s largest research and development (R&D) center outside of the US. The investment is a part of Medtronic’s overall global R&D led innovation and growth strategy.  Medtronic supports the Govt. of Telangana’s efforts to position Hyderabad as a global hub for healthcare technology research and innovation.

Medtronic leaders Mike Marinaro, Executive Vice President & President, Surgical, Mani Prakash, Vice President, Enterprise R&D, and Divya Prakash Joshi, Vice President & MEIC Site Leader, met the Hon’ble Minister for IT, Industries, Municipal Administration and Urban Development, Govt. of Telangana, Shri KT Rama Rao in New York, USA to announce. Mr. Jayesh Ranjan IAS, Principal Secretary, Industries and Commerce Dept., and Mr. Shakthi M Nagappan, CEO, Telangana Lifesciences, Government of Telangana, were also present.

This investment builds on the initial investment of $160M in MEIC that was announced back in 2020 and expands the company’s footprint in India. MEIC currently employs 800+ people, primarily engineers, and is expected to grow to 1500+ over the next 5-year period with the investment announced today. With this expansion, MEIC aims to leverage the sizeable pool of diverse and skilled talent in India involving engineering, mobile apps, application and desktop software, cloud / web apps, data engineering, embedded software, product security, and cyber-product security. The investment will support in key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies.

Mr. K.T Rama Rao said, “Telangana has been a front-runner in the field of life sciences and was also one of the first States in India to recognise medical devices as a high-potential and high growth sector. The expansion of MEIC in Hyderabad is a testament to the city's robust ecosystem and Hyderabad's growing prominence in the global med-tech sector. We are thrilled to continue our support for Medtronic's growth and look forward to their continued contributions to healthcare innovation in the state and country.”

Mike Marinaro, Executive Vice President & President, Surgical, Medtronic said, “India is known as a global hub for technology innovation, and we believe in India’s potential as a growing market for healthcare innovation. Hyderabad has proven to be a strategic location for Medtronic, and we are proud to be collaborating with the Government of Telangana on this major investment in the country. We are committed to investing in India's healthcare ecosystem and delivering innovative solutions that improve patient outcomes.”

Commenting on the announcement, Divya Prakash Joshi, VP & Site Leader of MEIC said, “Investment in R&D is the foundation for innovation and progress in the healthcare technology sector. It enables us to improve patient outcomes, enhance healthcare quality, and drive economic growth. Over the years, Govt. of Telangana’s efforts have positioned Hyderabad as an innovation hub and healthcare ecosystem enabler. That is why we are excited for the future as the investment will unlock greater potential for the center by fuelling innovation with activities contributing to the technology pipeline and creating more job opportunities.”

During the meeting, Mr. KT Rama Rao provided the Medtronic leadership team with an overview of various new developments and initiatives taken by the Telangana Government to promote the healthcare technology sector. The Minister reiterated Telangana Government's commitment to supporting the growth of the healthcare technology sector in the state and facilitating such expansion projects, which in turn would help save many lives in India.

FADA Advocates For A Much-Needed GST Rate Reduction On Two-Wheelers From 28% To 18% For A Timely Revitalization

The Federation of Automobile Dealers Associations (FADA), the leading body of Automobile Retail in India, has submitted a critical representation to the GST Council, urging an immediate reduction in the GST rate on two-wheelers from the current 28% to 18%. This timely and decisive intervention is aimed at making two-wheelers more affordable, reviving demand and reinvigorating an industry that has seen a significant slump in sales over the past few years. 

FADA President Mr. Manish Raj Singhania affirmed, "The two-wheeler industry is at a critical juncture, grappling with unprecedented challenges such as rising inflation, stringent emission norms and the post Covid-19 effects in Bharat of India. Now is the opportune moment for the GST Council to reduce the GST rate on two-wheelers, making them more accessible for the common man, thereby providing the much-needed boost to the industry, generating employment opportunities and fostering India's overall economic growth." 

FADA's compelling appeal has been forwarded to the Finance Minister, chair of the GST Council, all GST Council members, the Ministry of Heavy Industries, which supervises the automobile sector and the Ministry of Road Transport & Highways. This action underscores the urgency and significance of the issue. 

Over the past few years, the prices of various two-wheelers have risen significantly, impacting their affordability for consumers across India. This surge in prices can be attributed to multiple factors, including the rising cost of raw materials, stricter emission norms and higher taxes and levies. For instance, the price of the popular Honda Activa has escalated from Rs. 52,000 in 2016 to Rs. 88,000 in 2023. Similarly, the Bajaj Pulsar has witnessed a substantial increase from Rs. 72,000 in 2016 to Rs. 1,50,000 in 2023. The Hero Splendor and TVS Jupiter have also experienced considerable price hikes over the same period, with their prices soaring from Rs. 46,000 to Rs. 74,801 and Rs. 49,000 to Rs. 88,498, respectively. The continuous rise in two-wheeler prices has consequently led to a decline in sales, emphasizing the pressing need for intervention and GST rate reduction to restore the industry's growth trajectory. 

In 2016, two-wheelers accounted for 78% of the total automobile sales in India. However, due to continuous price increases since 2020, this contribution has fallen to 72% in FY23, underlining the impact of the steep price hike. 

FADA believes that a reduction in the GST rate will address several critical issues facing the industry, including rural distress, the transition from BS-4 to BS-6 emission norms and the sharp increase in two-wheeler prices. Lowering the GST rate will enhance the competitiveness of two-wheelers compared to other transportation modes, thereby increasing sales and revenue for the industry. 

Two-wheelers play a pivotal role in providing affordable mobility to a large segment of India's population, especially in rural areas where public transportation is sparse. FADA strongly asserts that two-wheelers, being essential for millions, should not be categorized as sin goods or luxury items for GST taxation purposes. 

Moreover, the reduction in GST on two-wheelers will also positively influence the environment, as they are more fuel-efficient and emit fewer pollutants compared to other transportation modes. This move will promote the use of two-wheelers and contribute to a cleaner environment. 

FADA anticipates that the GST Council and the concerned ministries will seriously consider their appeal and take the necessary steps to reduce the GST rate on two-wheelers. This measure will not only benefit the industry but also the common man, the environment, and the Indian economy at large. 

Toyota Kirloskar Motor Ramps-Up Production With Third Shift Operations

·       Enhanced operations highlight company's growing contribution to “Make in India” and “Skill India” commitment

·       Another step in fostering TKM's customer centric approach

·       Entire product line-up witnessing overwhelming response from customers

In line with its customer-centric approach and commitment to meeting the evolving market needs, Toyota Kirloskar Motor (TKM), has announced the commencement of three-shift operations at  its manufacturing facility in Bidadi from the month of May, 2023 backed by the rising demand for its existing portfolio of products and its new launches in 2022.

Three shift operations commencement is set to boost the plant’s production output by over 30% and strategically meet the strong booking numbers for its entire range of product portfolio in the country.  The announcement also means that the company will be generating additional employment of close to 25% including that of increased intake from Toyota Technical Training Institute (TTTI), which is the company’s existing skill technical education facility in its Bidadi plant, with a focus to scale-up students’ skill levels on advanced technology by Toyota’s globally certified expert trainers. Last year, TKM also undertook a major expansion of TTTI with capacity going up from 200 to 1,200 students (academically, batch-wise). TKM currently has a 6000-member strong team, including production and non-production staff.

Commenting on the company’s recent development, Mr. Sudeep Dalvi, SVP & Chief Communication Officer, Toyota Kirloskar Motor said “We are extremely thrilled to see the market responding very positively to our entire product line-up. As we remain optimistic about the market, our “customer first” philosophy will continue to manifest across all our business decisions – one of which is the start of the third shift operation which is a testimony to the overwhelming response received by our offerings thus enabling us to meet the delivery commitments to our customers.  Our Team Members are our biggest asset and we are happy that the third shift brings in new members in to the Toyota family, we have ensured that all our team members feel safe and comfortable in the added shift through a series of welfare measures for overall wellbeing. As we look forward, we remain steadfast in our mission to build ever better and greener cars, contributing to India's vision of 'Make in India' and sustainable mobility. Together, we strive to deliver Mass Happiness to All”.

Over the years, TKM has had strategic focus on maximizing plant efficiency and embracing cutting-edge technologies, exemplified by the newly established e-Drive manufacturing line at TKAP thus underscoring its contribution to India's pivotal objectives of "Make in India", "Skill India," and energy efficiency.

Furthermore, inspired by Toyota Environmental Challenge (TEC) 2050, sustainability continues to be fundamental to the company’s business. With this as the bedrock the TKM is deeply committed towards a greener future and a better world. Toyota adopted various environmental risk mitigating measures through TEC 2050, towards realizing the carbon neutrality targets. One of them is Plant Zero CO2 Emissions Challenge which aims to achieve zero CO2 emissions at our manufacturing facilities. Also, a significant step towards energy management has been the adoption of alternative renewable energy sources by utilizing green energy with significant progress over the years. The new shift operation will also be from 100% renewable energy.

Godrej Agrovet And The State Bank of India To Launch First-Of-Its-Kind Finance Offering For Indian Oil Palm Farmers

* To enable farmers, develop and maintain, their oil palm garden during gestation period of first 5 years

Godrej Agrovet’s Oil Palm Business today announced the launch of first-of-its-kind finance offering for oil palm farmers in partnership the State Bank of India (SBI). A product jointly developed by the company and country’s leading public sector bank will enable farmers avail loan for setting up micro irrigation facility, set up fencing arrangement to protect from cattle grazing and improvement of tube well at their oil palm farms. Introduced with an objective of aiding oil palm growth by improving Fresh Fruit Bunches (FFB) productivity, it will act as a catalyst to maintain juvenile gardens during the gestation period of first 5 years.

Sougata Niyogi, CEO, Oil Palm Business, Godrej Agrovet said, “The partnership with SBI is a testament of our company’s efforts to improve farmer’s confidence in sustainable oil palm farming. With no income visibility during the long gestation period, this partnership will aid bridge the gap for their finance needs during the initial years.”

“The implementation of National Mission on Edible Oils – Oil Palm (NMEO-OP) has generated a new sense of excitement and momentum in the oil palm industry since its launch in August 2021. Being a leading player, we will continue to provide solution for industry’s expansion and prosperity,” he further added.

Launched initially for the oil palm farmers of Telangana state, Godrej Agrovet farmers from the states of Tamil Nadu, Odisha, Assam, Manipur and Tripura can now easily avail loan with the ticket-size of INR 1 Lac to INR 50 Crore.

Commenting on first-of-its kind Horticulture Loan, K.V.L.N. Murthy, A.G.M. ABU Hyderabad, SBI, said, “We’re happy to partner with Godrej Agrovet in nation’s quest to reduce import of oil palm. With no security needed for a loan up to INR 1.6 Lacs, the product is ideal for farmers venturing into oil palm farming for the first time. With the entire process being facilitated by Godrej Agrovet, a farmer can easily understand product integrities and apply for the same at Samadhan centers of the company. We’re confident of extending this product to more oil palm farmers of our country in the coming months.”

Godrej Agrovet is the largest oil palm processor in India and works directly with the farmers for the entire lifecycle of their crop. With 65,000 hectares of palm oil under cultivation across the country, the company plans to increase cultivation by 1 Lac hectares by 2027. Through its Samadhan centres, a one stop solution centre, it provides a comprehensive package of knowledge, tools, services, and solutions to oil palm farmers. Each Samadhan centre intends to support the planting of 2,000 hectares of oil palm and help farmers achieve a sustained productivity in mature gardens through the use of modern agricultural technologies and expert advice. The partnership with the SBI is another step to boost income and productivity of oil palm farmers.

About Godrej Agrovet:

Godrej Agrovet Limited (GAVL) is a diversified, Research & Development focused food and agri-business conglomerate, dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. GAVL holds leading market positions in the different businesses it operates - Animal Feed, Crop Protection, Oil Palm, Dairy, Poultry and Processed Foods. GAVL has a pan India presence with sales of over a million tons annually of high-quality animal feed. Our teams have worked closely with Indian farmers to develop large Oil Palm Plantations, which is helping in bridging the demand and supply gap of edible oil in India. In the crop protection segment, the Company has strong presence in the B2B segment through its subsidiary Astec Lifesciences and through its extensive distribution, network pan-India delivers innovative agrochemical offerings catering to the entire crop life cycles. In Dairy, Poultry, and Processed Foods, the company operates through its subsidiaries Creamline Dairy Products Limited and Godrej Tyson Foods Limited. Apart from this, GAVL also has a joint venture with the ACI group of Bangladesh for animal feed business in Bangladesh.

For more information on the Company, log on to www.godrejagrovet.com.

BLACK+DECKER And Indkal Technologies Enter A Licensing Partnership To Launch Large Appliances In India

* The licensing partnership will include air conditioners, laundry machines and refrigerators  

The BLACK+DECKER® brand, a global leader in power tools, home products and outdoor power equipment has announced a licensing partnership with Bangalore-based company, Indkal Technologies, a leading technology and innovation company, that will bring a premium range of large Appliances to consumers in India. 

“As a global leader in home products, we continue to prioritize our customers by expanding availability in the region,” said Amit Datta, Commercial Director Licensing, Stanley Black & Decker. We are committed to meeting consumer needs by enhancing the brand portfolio and making all home tasks easier to tackle with these new product offerings.” "We are delighted to be working with Stanley Black & Decker on this exciting venture. The BLACK+DECKER brand is known for its phenomenal products which are the perfect infusion of technology and design,” said Anand Dubey, CEO of Indkal Technologies. “The newly launched range of appliances is not only of an aesthetic and premium feel but infuse functionality and a host of intuitive features. We can’t wait for our customers to experience these products.” 

Washing Machines 

The BLACK+DECKER Washing Machine range consists of two Front Load models in 6kg and 8kg capacity, and one Top Load model in 7.5kg capacity. The flagship front-load machines are designed with category-defining features such as a superior BLDC motor with an advanced Tub on a Hex-Net Crystal Design and a Triple Velocity Jet system. The machines also feature a Built-in Heater, Fabric Specific Smart Wash Programs and Hygienic Drum Clean.  

Air Conditioners 

Bringing together both design and function, the 3 BLACK+DECKER air conditioner models include a 1.5 Ton and 2.0 Ton, with the 1.5 Ton model available in two variations. In addition to a simple, minimalistic design, top features include an Infinity Impeller, CAD Sensor, Quad-Convertible and R32 Eco Friendly Refrigerant.  

All BLACK+DECKER® Large Appliances come with an industry-leading warranty and service terms. All products will have 10 years warranty on Motors and Compressors for Washing Machines and  Air Conditioners respectively. The products will also come with a comprehensive warranty of 2 years and a warranty of 5 years on the main board to give all BLACK+DECKER® Large Appliances customers a promise of quality and peace of mind with all the great features

 and design. Indkal’s new collection of BLACK+DECKER® products will be available on amazon.in and flipkart.com, and in-store channels on June 3. The licensing partnership was coordinated by License Works, a leading Brand Licensing Agency in India, on behalf of Stanley Black & Decker. 

About INDKAL 

Indkal Technologies Private Limited is a Bengaluru-based company specializing in the development, distribution, and support of consumer electronics, large and small home appliances, and smart devices in India. The key focus area for the company is televisions and large appliances, in which the company is extensively working towards the development of products that are specifically targeted at the needs of the new-age Indian consumer. 

About BLACK+DECKER 

Since 1910, BLACK+DECKER, a Stanley Black & Decker brand, has been setting the standard for innovation and design. The inventor of the first portable electric drill with pistol grip and trigger switch, BLACK+DECKER has evolved from a small machine shop in Baltimore, Maryland to a global manufacturing powerhouse with a broad line of quality products used in and around the home. When homeowners have work to get done, they trust that BLACK+DECKER products

 will do the job efficiently and reliably. For more information on BLACK+DECKER products, visit www.blackanddecker.com or follow BLACK+DECKER on Facebook, Instagram and Twitter. 

About Stanley Black & Decker 

Headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is a worldwide leader in tools and outdoor operating manufacturing facilities worldwide. Guided by its purpose – for those who make the world – the company's more than 50,000 diverse and high-performing employees produce innovative, award-winning power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial  equipment to support the world's makers, creators, tradespeople and builders. The company's iconic brands include DEWALT®, BLACK+DECKER®, CRAFTSMAN®, STANLEY®, CUB CADET®, HUSTLER®?and TROY-BILT®. Recognized for its leadership in environmental, social and  governance (ESG), Stanley Black & Decker strives to be a force for good in support of its communities, employees, customers and other stakeholders. To learn more visit:

www.stanleyblackanddecker.com 

About License Works 

License Works is the leading full-service Brand Licensing agency in India specialized in the strategic brand extension licensing of leading global brands and corporate trademarks. License  Works pioneered corporate brand licensing services in India and offers a holistic approach to branding, design, business development, licensing, and program management to brands that are looking to expand their business in India. For over 12 years, we have  helped our clients expand into new product categories and distribution channels, which in turn helps them build brand awareness as well as create new revenue streams.  

For more information, visit us at www.licenseworks.co  

Vitesco Technologies Q1 2023: Solid Quarter Despite Continuous Cost Increases

Highlights

Quarterly sales of around €2.31 billion (Q1 2022: €2.26 billion) 

Adjusted EBIT: €37.1 million (Q1 2022: €47.7 million) with an adjusted EBIT margin of 1.6 percent (Q1 2022: 2.1 percent) 

Order intake YTD: more than €4 billion for electrification components 

Vitesco Technologies confirms outlook for 2023 

Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility published its first quarter 2023 results. 

"E-mobility is a global megatrend. Sales of electric vehicles are growing enormous across all relevant markets," says CEO Andreas Wolf. "We recognized this trend early and continue to fully embrace it." The company's focus on the electrification business was again significantly strengthened as of January 1, 2023, when Vitesco Technologies reorganized its four business units into two new divisions: Powertrain Solutions and Electrification Solutions. This organizational adjustment allows Vitesco Technologies to sharpen its strategic focus on electrification to operate more effectively, efficiently, and flexibly in the market for sustainable drive technologies. 

Key figures for the first quarter 

Group sales in the first quarter came in at €2.31 billion (Q1 2022: €2.26 billion), which equates to an increase of 2.5 percent. When adjusted for changes in the scope of consolidation and exchange-rate effects, sales rose by 1.4 percent. Core business contributed €1.60 billion (Q1 2022: €1.49 billion) to total sales, while non-core business accounted for sales of €713.1 million (Q1 2022: €770.9 million). Adjusted EBIT of €37.1 million (Q1 2022: €47.7 million) was generated, which equates to an adjusted EBIT margin of 1.6 percent (Q1 2022: 2.1 percent). Net income amounted to a loss of €50.7 million (Q1 2022: loss of €11.3 million) and earnings per share to minus €1.27 (Q1 2022: minus €0.28) due to one-time effects. 

Given the market-driven build-up of inventories and the ongoing investments related to the order intakes from previous quarters, free cash flow stood at minus €41.1 million (Q1 2022: €48.2 million). Capital expenditures[1] on property, plant, and equipment and software amounted to €98.0 million (Q1 2022: €52.1 million). The ratio of capital expenditures to sales is therefore 4.2 percent(Q1 2022: 2.3 percent). 

As of March 31, 2023, Vitesco Technologies had a solid balance sheet with an equity ratio of 39.1 percent (March 31, 2022: 35.9 percent).  

"Overall, we can be satisfied with the first quarter of 2023. We are confident that our cost discipline and operational optimizations will help us to achieve our targets for the fiscal year", says CFO Werner Volz. 

In the first quarter of 2023, Vitesco Technologies' order intake came to €1.4 billion with electrification components accounting for €839 million. Until today, the total order intake from the electrification business adds up to more than €4 billion. 

The business activities of the two divisions 

The Division Powertrain Solutions generated sales of €1.61 billion in the first quarter of 2023 (Q1 2022: €1.64 billion). In the same period, the division's adjusted EBIT improved to €117.3 million (Q1 2022: €111.3 million), which equates to an adjusted EBIT margin of 7.3 percent (Q1 2022: 6.8 percent). The Division Powertrain Solutions experienced the effects of the shortage of semiconductors, especially due to higher material prices. The planned sales decrease in non-core business contributed to the reduction in sales. 

The Division Electrification Solutions grew its sales to €716.8 million in the first quarter of 2023 (Q1 2022: €634.3 million). This was driven by consistently high demand for high-voltage electric drives and equates to a sales increase of 13.0 percent. Due to the continued high ramp-up costs of the electrification products, adjusted operating profit amounted to a loss of €72.0 million (Q1 2022: loss of €61.3 million), corresponding to an adjusted EBIT margin of minus 10.0 percent (Q1 2022: minus 9.7 percent). 

Q2 and full-year outlook for 2023 

Vitesco Technologies expects the market environment to be challenging in the second quarter of 2023. Although a slight improvement is anticipated, supply bottlenecks may continue to cause lower production volumes. Anticipated improved material availability and the lifting of COVID-19 restrictions in China are fueling expectations of a considerable year-on-year improvement in global vehicle production in the second quarter of 2023. 

The market outlook and the Group's full year guidance for 2023 remain unchanged compared with the expectations published at the 2023 annual press conference. As with the assumptions for global vehicle production, all assumptions remain subject to a high degree of uncertainty.