Supplier ZF Friedrichshafen claimed said it achieved financial targets for 2023.

In a “highly volatile global economy”, the company increased sales 6.5% year on year to EUR46.6bn from EUR43.8bn.

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Adjusted EBIT rose from EUR2bn to EUR2.4bn.

Adjusted EBIT margin was 5.1% versus 4.7%.

CEO Holger Klein said: “2024 will be a year of implementation and we will set the course for more focus, efficiency and competitiveness.”

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Improved free cash flow in the second half of 2023 allowed ZF to repay liabilities of EUR2bn and reduce debt by EUR400m to “below” EUR10bn.

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The outlook for fiscal year 2024 remained “cautious, characterised by a weak economic environment with inflation and geopolitical conflicts.”

“Given stable exchange rates and considering planned corporate transactions, ZF expects group sales of EUR45bn in 2024”, a statement said.