Schaeffler has unveiled 2018 net income down 10% to EUR881m (US$992m), while at constant currency, revenue rose 4% to EUR14.2bn.

All three divisions and all four regions contributed to the group's constant currency revenue growth. The Greater China region once more reported the highest revenue growth rate, albeit with considerably less momentum than in previous years.

"Following a good first six months for the Schaeffler Group, market conditions in the global automotive business deteriorated considerably during the second half of 2018," said Schaeffler CEO, Klaus Rosenfeld.

"This put pressure on our earnings. The Industrial Division's very strong development over the course of 2018, which has partially offset the weaker performance of the two Automotive divisions, was encouraging.

"The decrease in Automotive OEM division earnings resulted mainly from the difficult competitive and market environment and the growing pressure to change. However, there are also a number of home-grown factors we need to address.

"That is why we have launched the programme, RACE, which is aimed at increasing efficiency and optimising the portfolio. If we are going to improve our productivity and competitiveness, we need more focus and more speed."

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