Germany’s Continental back in profit, sees subdued start to 2022 – Reuters

March 9, 2022 by No Comments

A sticker with the logo of German tyre company Continental is pictured on tyres in Bourbriac, France, February 18, 2022. REUTERS/Benoit Tessier

Register now for FREE unlimited access to Reuters.com

  • Ukraine crisis could leave ‘lasting consequences’
  • Firm looks to shift production away from Ukraine plant
  • Continental still sees sales rising in 2022

BERLIN, March 9 (Reuters) – German automotive parts maker Continental (CONG.DE) reported on Wednesday a profit for 2021 after two years of losses and forecast higher sales this year while warning about the potential impact of the Ukraine crisis.

It said it could face “lasting consequences” to supply chains, production and demand from what it described as instability in Eastern Europe, after Russia invaded Ukraine.

Continental also said it was working to shift production from a Russian plant where operations were suspended. It does not have any plants in Ukraine.

Register now for FREE unlimited access to Reuters.com

It still forecast 6%-9% growth in 2022 in global production of passenger cars and light commercial vehicles, expecting this to boost its sales to 38 billion-40 billion euros ($42 billion-$44 billion) from 33.8 billion euros in 2021 and raise its margin to 5.5%-6.5%.

But it said …….

Source: https://www.reuters.com/business/retail-consumer/germanys-continental-back-profit-sees-subdued-start-2022-2022-03-09/

Tags:

Leave a Comment

Your email address will not be published. Required fields are marked *