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)