ZF has posted 2020 Group sales down 11% to EUR32.6bn (US$39bn), while adjusted EBIT amounted to EUR1bn (2019: EUR1.5bn).

Net profit after tax amounted to -EUR741m.

“2020 was an ambivalent year,” said ZF CEO, Wolf-Henning Scheider at today’s (18 March) virtual press conference from the supplier’s headquarters in Friedrichshafen. “Nevertheless, we mastered the crisis together, further advanced the company’s transformation and secured substantial new orders in strategically important fields of future technologies.”

At the start of 2021, ZF established the new Electrified Powertrain Technology Division, which bundles conventional, hybrid and purely electric drive technologies for passenger cars.

“We are in a good position to offer our customers the entire range of e-mobility from a single source in all mobility areas,” added Scheider. “Our ambitious goal is to become climate-neutral by 2040 – ten years earlier than planned according to the Paris Agreement.

“Among other things, we want to systematically cut our CO2 emissions, throughout our supply chain.”

ZF has introduced a sustainability criterion to raise awareness among business partners, regarding its expectations in terms of sustainability and decarbonisation.