Vitesco Technologies started trading its shares at the Frankfurt Stock Exchange. The German manufacturer of powertrain components and technologies for e-mobility looks such an important step with the aim to «further expand strong position in e-mobility market», as stated by the company in the official press release. The first share price was quoted at €59.80.
We’ve already mentioned Vitesco Technologies, previously known as Continental Power Division, about the launch of the EMR4 electric drive axle, back in July. The new product ensures a higher energy efficiency level compared to its predecessor, weighing 25 percent less with the same power level.
Vitesco Technologies on the Frankfurt Stock Exchange: the statements
«We are extremely delighted and proud to achieve this milestone today. My congratulations go to the entire Vitesco Technologies team on this significant step and my sincere thanks for their excellent work over the past few years. Now we have the necessary entrepreneurial flexibility to position ourselves even better in the market and continue with our clear focus on electrification», stated Andreas Wolf, CEO of Vitesco Technologies.
«For Vitesco Technologies, the listing is the next logical step in the company’s development, a perfect contribution to our growth strategy and giving us broader access to the capital market. As a result, we will be able to benefit even more from the opportunities offered by the fast-growing e-mobility market», added CFO Werner Volz.