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ZF Friedrichshafen AG reported sales of €41,4 billion in 2024, down 11 percent from the previous year, impacted by the discontinuation of its passenger car axle assembly line. Despite the reduction, the company is continuing its realignment strategy to strengthen key areas and establish strategic partnerships.
Over the past two years, ZF has implemented the strategy “Strengthening Strengths – Unlocking Potential”, which focuses on portfolio optimization and partnerships in the areas of e-mobility, electronics and driver assistance systems. “Our goal is to reduce debt and make ZF a more agile and profitable company,” said CEO Dr. Holger Klein (pictured above).
Among the structural changes, the company completed the spin-off of the passive safety systems division, which now operates under the name ZF LIFETEC. In addition, it created the joint venture ZF Foxconn Chassis Modules GmbH, which focuses on chassis systems, and strengthened its partnership with KPIT Technologies, which resulted in the founding of the independent software company Qorix.
To increase competitiveness, the company made adjustments to its structure in Germany, reducing around 4 jobs through partial retirements, floating and reduced working hours. In total, ZF ended 2024 with 161.631 employees worldwide, a decrease of 4% compared to the previous year.
On the financial statement, restructuring costs led to a net loss of €1,02 billion. Adjusted EBIT fell to €1,5 billion, with a margin of 3,6%. The ZF Aftermarket division was one of the positive highlights, with organic growth of 12%.
ZF is keeping a cautious eye on 2025, forecasting revenues of over 40 billion euros and an EBIT margin of between 3% and 4%. The company is betting on the advancement of “by-wire” technologies for chassis, such as steer-by-wire braking and steering systems, already adopted by automakers such as Nio and a North American manufacturer.
The company also maintains investments in research and development, which totaled 3,6 billion euros in 2024. “We are actively shaping the transformation towards the software-defined vehicle,” Klein emphasized.
With these initiatives, ZF seeks to consolidate its position in the market and ensure sustainable growth in the coming years.
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