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Continental AG sees significantly lower revenues, profit in 2020

Continental AG sees significantly lower revenues, profit in 2020

German auto parts supplier Continental AG said it expected worldwide vehicle production to decline up to 20% in the current quarter yearonyear and could not give a detailed 2020 guidance due to the impact of the coronavirus pandemic.

BERLIN German auto parts supplier Continental AG said it expected worldwide vehicle production to decline up to 20% in the current quarter year-on-year and could not give a detailed 2020 guidance due to the impact of the coronavirus pandemic.

The Hanover-based group said on Wednesday revenues, adjusted operating profit and free cash flow are expected to significantly decline this year.

“There are still big economic uncertainties," the company said in a statement.

The auto industry, spearhead of Germany’s export-driven economy, has been hammered by the coronavirus pandemic which has struck as it was already struggling to shift away from diesel- and gasoline-powered cars to electric vehicles.

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first published:August 05, 2020, 14:24 IST