Floß, March 1, 2024. In 2023, the Upper Palatinate-based automotive supplier increased its turnover by around 20 percent for the third time, to 751 million euro.
The increases could be observed worldwide in all regional markets in which the international group operates – Europe, North America, and Asia. In line with the strategic focus, the e-mobility business area saw the most significant growth. Wiring harnesses for combustion engines are currently still the strongest sales drivers. In the coming years, however, the business portfolio is likely to move more in the direction of new mobility and control of overall vehicle electrics, with increasing equipment of electric and hybrid vehicles and expansion of the wiring systems and interior cabling product segment.
High level of investment
In order to secure its growth trajectory for the coming years, the company increased its investment volume by almost a quarter last year. This expenditure primarily went into production, digitalization, and data security as well as innovation projects.
More employees and new locations
At the end of 2023, the Nexans autoelectric group employed almost 14,400 people in ten countries, 800 more than in the previous year. In view of strong growth in the past financial year, combined with forecasts for the coming years, the group expanded its production and warehouse space in Romania and Tunisia at new and existing locations.
Good order situation and new projects
Managing Director Andreas Wolf has a positive outlook for a challenging 2024: "Although the growth curve will slow, we still expect an increase in sales that is likely to be significantly higher than the growth forecasts for the global automotive market. The biggest efforts include offsetting the increased material and energy costs, and our goal of becoming a CO2-neutral company in the next decade."