ZF Expects Wave of Insolvency Among Its Suppliers
2009-05-25 Source：english.chinabuses.com
Summarize：Auto parts maker ZF Friedrichshafen says insolvency threatens about 100 of its suppliers.
Amid the global collapse in auto sales, ZF has had to dig deep to support its suppliers, CEO Hans-Georg Haer ...
Auto parts maker ZF Friedrichshafen says insolvency threatens about 100 of its suppliers.
Amid the global collapse in auto sales, ZF has had to dig deep to support its suppliers, CEO Hans-Georg Haerter told Automobilwoche earlier this month. He estimates the cost of that support at as much as nearly 100 million euros, or about $133 million.
During its 2008 fiscal year, ZF's revenue fell by 1 percent to $16.6 billion. After-tax profits fell 16 percent to $576 million. ZF has said it will continue to spare its r&d operations from budget cuts.
Late last week, ZF and Continental agreed to collaborate on developing and producing hybrid drives in commercial vehicles. ZF will be responsible for integrating the hybrid system, which will pair a hybrid drive from ZF with a lithium-ion battery and system electronics from Continental.
Working with ZF, Continental wants to build on the lithium-ion battery technology used in production of the Mercedes S Class for applications in commercial vehicles. Production is expected to begin in spring 2011.
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