Vitesco Technologies Publishes Sustainability Report for Fiscal Year 2022

Vitesco Technologies, a leading international supplier of advanced drive technologies and solutions for e-mobility, today presented its latest sustainability report – the first to use climate scenario analyses, as recommended by the Task Force on Climate-related Financial Disclosures (TCFD).

Thus, the company has an overview of all the vital climate-related opportunities and risks within its business activities. The report is now available online.

“On more than 100 pages, we present our goals and progress regarding sustainability,” explains Ingo Holstein, CHRO at Vitesco Technologies: “In direct comparison with our first sustainability report for fiscal 2021, we can see improvements in all key areas.”

With its systematic focus on climate-friendly drive technologies, Clean Mobility is integral to the corporate strategy. The goal is to generate around 10 to 12 billion euros in sales with electric and electrified solutions by 2030.

With total sales in 2022 of €1.1 billion and a high number of incoming orders in electrification, the company has every reason to be confident that it will also achieve its next medium-term target of more than €5 billion in 2026.

Another focus area of Vitesco Technologies’ sustainability agenda is Climate Protection: Vitesco Technologies has set itself the ambitious goal of making its entire value chain carbon-neutral by 2040 at the latest.

This also includes all business activities beyond the company’s processes – such as the procurement of production materials, raw material extraction or use of the products. In its operations, the company aims to be entirely carbon-neutral by 2030. At the end of 2022, 91.9 per cent of this target had already been met (2021: 90.6 per cent).

Regarding Resource Efficiency and Circularity, Vitesco Technologies aims for a waste recovery quota of 95 per cent by 2030. The company already came very close to achieving this target in 2022, with 94.6 per cent (2021: 92.6 per cent).

A key objective in the Responsible Sourcing and Partnerships focus area should be achieved this year once all strategic suppliers, without exception, have signed the Code of Conduct for Business Partners, thus confirming Vitesco Technologies’ fundamental human rights and ethical principles.

For the Fair Work and Diversity material topic, the key performance indicator is the proportion of women in management positions. The company has increased its strategic target value here: The figure will rise to 21 per cent by 2026. It currently stands at 15.4 per cent, 1.8 percentage points higher than the previous year.

The target in the Occupational Health and Safety material topic has also been set for 2026: After 1.9 in 2021 and 1.7 in 2022, the number of accidents per million hours worked will fall to a maximum of 1.4.

The Sustainability Report also contains extensive information on other relevant reporting topics, such as technical compliance. The appropriate management system at Vitesco Technologies covers products, product-related services, software, and hardware throughout the product life cycle, from product development to the end. It is comprehensively integrated into the company with the help of a systematic organisational structure.

In line with the significant reporting standards, the Sustainability Report provides detailed insights and gives numerous examples of how Vitesco Technologies aims to achieve its ambitious sustainability targets.

In the current edition, the company has implemented a new chapter – in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD): For this purpose, consistent disclosures on climate-related opportunities and risks were determined based on climate scenario analyses. Companies, banks and investors can use these to keep stakeholders informed.

“We very much welcome this initiative,” says Dr Anja Rivera de la Cruz, Global Head of Sustainability & Security at Vitesco Technologies, “It contributes to the stability of the financial system and toward a better understanding of climate risks and can thus facilitate the financing of the transition to a more stable and sustainable economy.”

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