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Schaeffler Forms E-Mobility Unit

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Schaeffler AG plans to launch an E-Mobility business division next January that will bring together all of its products for hybrid and electric vehicles.

The German supplier says it has won eight contracts—including three in China—for electric axles and hybrid modules from multiple customers worldwide. The deals have a potential worth of more than €1 billion over the life of the programs.

Schaeffler expects to derive more than 15% of its automotive business from electrified vehicles by 2020. The company aims to outperform the growth of the overall global auto market by four percentage points at that time.

Last March Schaeffler announced plans to open a new mobility center in Singapore with China’s Nanyang Technological University. The company already has an E-mobility center in Germany.

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