Spin-off of Conti before going public: Vitesco expects significant sales impact from chip crisis

The automotive supplier Vitesco, which is about to be listed on the stock exchange, expects the chip crisis to have a significant impact on sales in the 2021 financial year. “That will make a significant contribution to our sales in 2021,” said CEO Andreas Wolf of the business newspaper “Euro am Sonntag”. The bottleneck in computer chips “massively curbed” the good prospects for the entire industry. The global car market will only grow single-digit this year instead of a double-digit percentage.

From Wolf’s point of view, the chip bottleneck will lead to another two to three difficult months. “Perhaps there will be a slight relaxation by early 2022 as chipmakers expand their capacities,” he said. “But that doesn’t mean that we will then have reached normal.” Vitesco is the previous drive division of the Dax company Continental. He is giving the division to his own shareholders in a pure spin-off. This Thursday, Vitesco makes its debut on the Frankfurt Stock Exchange. (dpa-AFX / os)

Also read:

Conti spin-off: Vitesco wants to go public on September 16

Continental subsidiary Vitesco: Bebra is to become an electrical plant, Mühlhausen will be closed

Because of Vitesco spin-off: Conti adjusts outlook

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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