Continental AG CEO expects a strong first quarter in 2012

Article by Christian A., on December 30, 2011

Due to the rising demand in the U.S. and Asia, German supplier Continental AG anticipates that business will stay strong throughout the first quarter, CEO Elmar Degenhart said during an interview with German newspaper Sueddeutsche Zeitung. He admitted that the debt crisis will result to declines in the auto sector in Europe but he thinks that the growth in Asia and the U.S. will “more than compensate for weakness in Europe."

Degenhart said that in the fourth quarter, Continental had a strong performance with sales that are slightly higher than the third-quarter figure of around 7.7 billion euros ($10 billion). He said that the demand indicates that this “good level” will persist until March. He said that the company will continue working to cut net debt to become closer to 6 billion euros from the current 7 billion euros.

Continental AG aims that by 2013 (at the latest), the rating agencies will assess the company and they will recommend the purchase of Conti bonds to normal investors.

Degenhart said that a merger with majority shareholder Schaeffler is an option that isn’t currently being discussed. Continental is No. 3 on the list of the top 100 global suppliers by Automotive News. In its last fiscal year, Continental reported global sales to automakers of $24.82 billion. [source: Autonews]

Topics: continental, ceo

If you liked the article, share on:

Pin It

Comments

Recommended

The German automaker Volkswagen is now racing against time to come up with electric vehicles that will be able to pass Europe and China's stringent emission standard. The car company...
by - March 22, 2017
In the last few years, the advent of compact sedans and crossovers has become quite overwhelming. Even two of the major manufacturers that “started it all” have to admit that...
by - March 22, 2017
By 2020, Audi will be throwing out not just one but three fully-electric vehicles. One of which will be pitted against the BMW i8. This new information was revealed by...
by - March 22, 2017
Tesla confirms that they will be discontinuing the fairly new Model S 60 and 60D sedans as soon as next month. Why, you ask? The company wants to make enough...
by - March 22, 2017
Have you ever wondered how much luxury car companies profit from every vehicle they sell? And which companies profit more? Well, in 2016, Porsche sold over 238,000 vehicles. That is...
by - March 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries