Leading German parts manufacturers, Benteler and Freudenberg Vibracoustic have revealed plans to collaborate to make components for electric vehicles. Many companies in the automotive sector are joining hands in order to deal with the cost of adjusting to the rapid pace of technological change in the sector.
Even leading players in the car industry like Ford and general Motors are facing cash flow issues as investment to the tune of millions of dollars is need to tackle the growing demand from consumers for electric cars and autonomous cars. Electric cars are considered to be more environment friendly.
With regard to the partnership between Benteler and Vibracoustic, Benteler will bring to the partnership its expertise on chassis and system integration while Vibracoustic will contribute its knowhow in minimizing noise and vibration.
Freudenberg Chief Executive Mohsen Sohi said that currently, the company has put on hold its plans for an initial public offering of Vibracoustic due to the unfavorable market conditions. Even in the event that the company decides to proceed with an IPO, Freudenberg has made it clear that it will continue to remain as an anchor investor of Vibracoustic.
Manju Mathew, an MBA in marketing, completed publisher training courses from the Oxford Brookes University and New York University. She started with marketing and PR roles before moving on to her current position as a full time writer. Currently living in Dubai, her life as an expat has sharpened her observation skills and flair for writing. She enjoys writing about luxury cars like Ferrari, Lamborghini, etc even if she can only dream of owning them.
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