Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Germany's Continental seeks cost cuts as second-quarter profit drops

Germany's Continental seeks cost cuts as second-quarter profit drops
FILE PHOTO: Logo of German tyre company Continental is seen before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer -
Copyright
Fabian Bimmer(Reuters)
Euronews logo
Text size Aa Aa

BERLIN (Reuters) – Continental AG <CONG.DE>, Europe’s largest listed automotive supplier by revenues, said it was seeking to cut costs after its net profit dropped 41% year-on-year in the second quarter.

“We are responding to the declining market by ensuring rigorous cost discipline and enhancing our competitiveness,” CEO Elmar Degenhart said in a statement https://www.continental.com/en/press/press-releases/results-first-half-2019-180564.

The Hanover-based company also said it would not invest in battery cell production.

It confirmed its full-year outlook, which it had lowered last month, citing an expected decline in global vehicle production.

(Reporting by Thomas Seythal; Additional reporting by Jan Schwartz in Hamburg; Editing by Michelle Martin)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.