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

McLaren has already shown some interest in electrifying their models. And initially, we thought that they will just use hybrid systems to use across their current lineup. Nevertheless, we have...
by - August 19, 2017
Fifty years after its glorious victory at the 24 Hours of Le Mans, Ford launches the 2018 Ford GT ’67 Heritage Edition at the 2017 Monterey Car Week. The red...
by - August 18, 2017
Hyundai has recently unveiled an unnamed pre-production model of its new fuel cell SUV. We don’t know what to call this model just yet, but sources say that this model...
by - August 18, 2017
This weekend at the 2017 Pebble Beach Concours d’Elegance, the BMW Z4 Concept will make its first public appearance. The good news is that we will finally have a real...
by - August 18, 2017
While Honda’s new 2018 HR-V will be rolling out at the dealerships with just a few updates, the company is certainly not giving up its spot as the best-selling vehicle...
by - August 18, 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