By consolidating and restructuring the merged businesses, Schaeffler aims to reduce its outgoings by about EUR290m per annum by 2029.

All product brands, including Vitesco, which are currently marketed alongside the Schaeffler brand will “gradually be transferred to the corporate brand”.

The facility in Haguenau, located on the German border, has begun production with an annual capacity of four million bipolar plates.

Schaeffler stated that the combination with Vitesco could realise earnings before interest and taxes (EBIT) of EUR600m per year before the end of the decade, through improved “revenue and cost synergies” achieved by combining their respective product portfolios.

The vehicle presented at the show was a first demonstrator, but Schaeffler and VDL have plans to produce more, with the aim of commencing customer pilots in Germany in 2025.

Schaeffler’s specially designed bipolar plates provide a power density of 4.6 kW per litre of fuel cell volume, 20% greater than the company’s previous generation of plates.

Symbio has announced the establishment of 'Innoplate' with the German rolling element bearings manufacturer - a joint venture for the production of metallic bipolar plates, a key component in hydrogen fuel cell stacks for electric vehicles.