News

Chip shortages and raw material prices: Conti expects charges throughout 2022

The auto supplier and tire manufacturer Continental after the difficulties in the past quarter, expects burdens throughout the coming year as well. The company is assuming an improvement in the supply situation in the coming months. “The shortage of semiconductors as well as rising raw material prices are likely to have a negative impact on the automotive industry in the fourth quarter of this year as well as in the whole of 2022,” said the Hanoverians. In October, Continental lowered its outlook for 2021, mainly due to a lack of electronic chips, and presented the first key data.

Management around CEO Nikolai Setzer has now confirmed the preliminary figures and the cloudy outlook. In the months of July to September, sales fell year-on-year by over 7 percent to 8 billion euros. Earnings before interest and taxes adjusted for special effects, by which Conti measures economic success in day-to-day business, fell by more than 42 percent to EUR 419.1 million. The bottom line was a profit of 309.1 million euros. A year earlier, high depreciation had resulted in a loss of 719.3 million euros.

Setzer is confident

Setzer sees Continental as well positioned in the medium term to get out of the problematic industry situation. The product portfolio has a high proportion of electronics. “On the one hand, we are severely affected by the current shortage of semiconductors, on the other hand, vehicles will be equipped with more and more electronics, sensors and software in the future,” said the manager, according to the announcement therefore benefit greatly. ” (dpa / gem)

Also read:

Conti boss Setzer does not rule out a withdrawal from the automotive top

Preview of the Continental figures: A supplier in a bind

Setzer sees great opportunities despite competition from car manufacturers

From the data center:

The 10 top-selling automotive suppliers in Europe in 2020

Source link

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!

Related Articles

Leave a Reply

Your email address will not be published.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

Back to top button