ZF sales in the first half of 2021 rose significantly to EUR19.3bn compared with EUR13.5bn in the first six months of Covid pandemic-hit 2020, a rise of 43%.

Adjusted EBIT was EUR1bn compared with a loss of EUR177m in H1 2020.

“We took the momentum from the second half of 2020 into this year and benefited from the economic recovery of the automotive industry,” said CEO Wolf-Henning Scheider.

ZF noted first half challenged such as the semiconductor shortage and “interrupted” supply chains, as well as price increases for raw materials and logistics.

It has “partially re-adjusted” and shortened supply chains by increasingly involving local suppliers.

ZF is holding to its forecast for the full year, expecting sales of EUR37bn to EUR39bn and adjusted EBIT margin in the range of 4.5% to 5.5%.