In a strategic advancement within the battery sector, a prominent automotive firm has announced the formation of an independent Electric Vehicle Systems division. This new entity will operate independently while remaining under the ownership of its parent company, signaling a new phase of growth and opportunity.
The newly established division has appointed a dynamic leadership team, with an experienced CEO and CFO ready to guide the company into its next chapter. The CEO brings a wealth of experience from a leading global automotive supplier, and the CFO joins from a notable international defense and technology firm.
Since its inception in 2019, the battery division has rapidly emerged as a key player in the European market, achieving impressive sales of €1.2 billion in 2023. With operations across seven facilities in Germany and Finland, the division is set to expand its reach beyond passenger vehicles. Future growth plans include entering markets for trucks, buses, and various off-highway applications such as materials handling, forestry, construction, mining, and agriculture.
This strategic move is expected to drive innovation and solidify the division’s position as a leader in the evolving battery technology landscape.
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