BERLIN German auto parts supplier Continental AG said it expected worldwide vehicle production to decline up to 20% in the current quarter year-on-year and could not give a detailed 2020 guidance due to the impact of the coronavirus pandemic.
The Hanover-based group said on Wednesday revenues, adjusted operating profit and free cash flow are expected to significantly decline this year.
“There are still big economic uncertainties,” the company said in a statement.
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The auto industry, spearhead of Germany’s export-driven economy, has been hammered by the coronavirus pandemic which has struck as it was already struggling to shift away from diesel- and gasoline-powered cars to electric vehicles.
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Source: News18