Billion loss at the Continental car parts supplier
The German supplier to the automotive industry Continental suffered a large loss of almost 2 billion euros in the third quarter. This was mainly due to the difficult market conditions in the automotive industry.
Continental, known for its tires and braking systems, among other things, is cutting jobs and closing factories. The company recently warned of a heavy depreciation. In addition, the group has decided not to launch an IPO on its powertrain activities. The ‘powertrain’ branch is instead sold as a whole.
Turnover increased by 3 percent in the recent period to 11.1 billion euros, helped by exchange rate effects and acquisitions. Continental did not expect any noticeable improvement in global car production for the time being.