Continental AG to invest almost $700 million in new tire plants

Article by Christian A., on October 26, 2010

Continental AG wants to invest over 500 million euros ($695.7 million) in new tire plants, CEO Elmar Degenhart told German weekly Frankfurter Allgemeine Sonntagszeitung in an interview that was published last Sunday.

The German automotive supplier regrets that it didn’t invest as much for tires in the last five years. He said that the company is “catching up on that now." Degenhart said that capacity will be doubled in Brazil and that China will start up next year.

He said that the company is talking about a cooperation deal in India and is even thinking about starting its own production in Russia. In addition, Degenhart expressed optimism about the company's 2010 outlook.

It raised its top-line outlook in July, asserting that it estimates full-year sales to increase by about 15%. Degenhart has described this figure to be “conservative,” according to the newspaper’s report. Continental AG is expected to post third-quarter financial results on Nov. 3.

"We are doubling capacity in Brazil, and China is starting up next year. We are also discussing a cooperation in India and are considering our own production in Russia," Degenhart told the publication. [via autonews - sub. required]

Topics: continental

If you liked the article, share on:

Comments

Recommended

In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
If you’ve ever visited an arcade, chances are you have already seen a Logitech G920 wheel. If that doesn’t ring a bell, it’s the steering wheel that you use when...
by - April 28, 2017
Toyota Motor Corporation disclosed that it will be bringing two of its Mirai fuel cell vehicles to China by October of this year. Tests will then be conducted on these...
by - April 28, 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