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This is really a big deal by every standard and coming so early in the new year for German defence contractor and automotive supplier, Rheinmetall Automotive AG .
Rheinmetall has won a major contract worth more than €250 million ($267 million) to produce electric car components.
Rheinmetall will supply a German premium manufacturer, whose identity is still being kept under wraps, with switch contactors for a new electric car platform from 2025, the MDAX stock index-listed company disclosed in Düsseldorf on Monday.
Contactors enable the safe switching on and off of electric vehicles with a high-voltage on-board network of 900 volts.
In late December, the company confirmed a major order worth €770 million from an industrial customer for refrigerant compressors in another order for non-military products.
Since the outbreak of Russia’s war on Ukraine and the German government’s announcement of a €100-billion boost to its armed forces, Rheinmetall’s defence division has been the focus of investor attention.
Rheinmetall significantly streamlined its automotive supply division in recent years, but also wants to build its business outside of defence in future fields such as electromobility.
As a global player, Rheinmetall has a total of around 12,000 personnel based at 36 manufacturing sites around the world and generates annual revenues of approx. EUR 2.6bn in an industry which is exposed to constant exchange rate volatility.
