Monday, October 23, 2017

Posted by September 28, 2017

Maritime Propulsion

Deutz Aims for Hybrid, Electric Engines by 2020

Specialty diesel engine maker Deutz aims to expand its business to include hybrid and battery-powered engines from 2020, banking on an expected boom in demand for electric vehicles.

"In future, we no longer want to operate just as a pure diesel group," Chief Executive Frank Hiller told Reuters on Thursday, a day after the group acquired electric drive specialist Torqeedo.

The takeover has swallowed most of the 100 million euros ($118 million) in investments allocated to the new push, Hiller said, adding he expected the new products to account for 5-10 percent of group sales within five years.

Deutz, whose shares were up 3.4 percent and among the biggest gainers in Frankfurt's smallcap index, made sales of 1.26 billion euros in 2016.

 
Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz
ReutersDEUTZpure diesel