ThyssenKrupp says it has won major steering orders from German and international car makers. They cover the development and production supply of electronic power-assisted steering systems for some of the OEMs’ biggest model platforms. In total up to 3m steering systems are to be supplied a year under the orders, representing total sales of around EUR4.5bn.
Production supplies to customers including German, European, Asian and American auto manufacturers will start from 2016 onwards.
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Dr. Karsten Kroos, CEO of the Components Technology business area at Thyssenkrupp said: “The contracts to supply these major model platforms are an important milestone for our steering components business. Our efforts in recent years to step up the development of electric power-assisted steering technology have met with a positive response from our customers. The significant volume of these orders forms the basis for further profitable growth in our automotive components business.”
The supply contracts are among the largest individual orders received so far by Thyssenkrupp in the automotive business.
Electronic power-assisted steering systems offer a number of benefits over conventional hydraulic steering systems, including fuel savings. They are also a prerequisite for all electronic driver assistance systems such as automated parking, lane keeping assistance or autonomous driving.
With the extension of its product portfolio to include the full range of electric power-assisted steering systems, the company says it is receiving new orders that are boosting its growth above all in major automotive markets such as China and North America. Last year the group opened a new steering
components plant in Shanghai, and in April this year another facility started operation in the Mexican city of Puebla.
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By GlobalData“We are keeping pace with the growth of our markets and customers and locating our production facilities where our customers need them. Development work is also being increasingly localized to meet the requirements of the different markets,” said Dr. Kroos.
In the past three years thyssenkrupp has invested around one billion euros in its components business. Around 70% of that has gone into the global expansion of its auto components business in growth regions such as China, the NAFTA region and Europe.
