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Schaeffler is more interested in China and the US – the economy

The industrial and automotive supplier wants to invest more in the US in the future. CEO Rosenfeld sees better growth opportunities there than in Europe.

Herzogenaurach (dpa) – Automotive and industrial supplier Schaeffler wants to make the most of opportunities in China and the United States and, above all, explore the possibilities of the US government’s investment program there. CEO Klaus Rosenfeld made the announcement today at the Schaeffler AG balance sheet press conference in Herzogenaurach.

There are different regulatory approaches around the world. Rosenfeld says deflationary legislation in the US could lead to a rethink in Europe as well. We want to make conscious use of the opportunities available to us in America.

In the future, Schaeffler wants to do more in China, says Rosenfeld. He insists that withdrawing from China is not an alternative for Schaffler. China currently accounts for 23 percent of sales and the United States for 22 percent. Rosenfeld sees room for improvement in both cases, especially in e-mobility. Investments go where there are future growth opportunities, he said. Right now America has better prospects than Europe.

Schaeffler will continue to reduce components for combustion engines, but not completely, Rosenfeld said. Plans are underway to cut about 1,300 jobs at locations focused on combustion engines. In total, Schaeffler employs more than 82,000 people worldwide.

Prediction: Combustion Engine Not completely eradicated

He assumes a certain proportion of combustion engines will be global, Rosenfeld says. In the fight against climate change, it is important to focus on commercial vehicles. Unlike privately used cars, these run longer per day and have correspondingly higher emissions.

Rosenfeld described his company’s results last year as solid. Among other things, higher costs led to a lower consolidated profit of 557 million euros in a good quarter. Sales rose 14 percent to 15.8 billion euros. Two-thirds is due to volume increases and one-third to higher prices.

Schaeffler reports sharply rising revenues, particularly from the industrial sector – Schaeffler produces, among other things, drive systems for wind turbines. This segment has grown faster than the automotive sector, but still generates half the revenue. In the automotive sector, e-mobility has increased in particular. Orders worth five billion euros were received here.

Rosenfeld is approaching the new year with caution when it comes to revenue targets. Sales are expected to rise 5 to 8 percent if exchange rate effects are factored in — slightly more than experts expected.

dpa-infocom, dpa:230307-99-860437/2