With CES just around the corner in January, Schaeffler gave members of the media a look at what to expect in terms of new products and strategy for 2024, as well as a preview of some of the innovations it will be exhibiting at CES. Marc McGrath, regional CEO, Americas, Schaeffler Group USA, said as Schaeffler builds on its 75-plus years of history, it is looking to capitalize on its core business– the manufacture of bearings–while expanding its technological innovation in the areas of e-mobility. McGarth said this will allow the company to be defined as a motion technology company, which is its vision for the future.
McGrath used select words to describe Schaeffler’s direction: sustain, energize, drive, generate, transmit and guide.
“Our foundational business is bearings and components…when we classify those, we say those are the ones that guide motion. We also have products in the transmission and engine category that transmit torque, or motion. Now, we’re heavily involved in our actuation system, with the launch of the rear-steer system and many products on the chassis and industrial side. Those generate motion.
“We’re also transforming into the e-mobility world, so we have traction motors, e-drives, multiple platforms including hybrid systems, which drive motion,” McGrath continued.
To energize motion, McGrath said Schaeffler will be launching batteries in the future as well as multiple projects in the hydrogen space. Ultimately, this leads to a sustainable future, he added. This means the company is looking at lifetime solutions that will be expected in the future to sustain motion, or mobility.
McGrath said in the Americas, Schaeffler is already working on projects that will help meet these goals. For example, the company is investigating a new manufacturing location in Ohio that will produce e-drives and e-axles to create product close to the customer for “just in time” deliveries.
Schaeffler’s recently announced that it will combine business with Vitesco Technologies, which will “bring power” to its power electronics business, McGrath said. Under the agreement, Schaeffler and Vitesco will be able to complete and broaden their business and technology portfolios along four, focused “pure-play” divisions to offer a range of products in electrification
On the R&D side, McGrath noted Schaeffler’s expansion in the Mexican market and other key, strategic areas. He explained that by 2030, 45% of Schaeffler’s products will be new– those that did not exist in 2020.
He added that Schaeffler’s focus on sustainability will continue, as the company continues to pursue its goal of being climate neutral by 2040.
Lastly, as Schaeffler looks to position itself as a motion technology company, McGrath said it will expand its co-op, and leadership programs. In its apprenticeship program, McGrath said Schaeffler will look to expand in tool manufacturing, electric controls and software.
