(Source: Automotive News)

"Continental needs to catch up with automakers like the GM, and quickly take some drastic restructuring to sustain in the prevailing tough conditions. The already weakened automotive demand is expected to be further impacted by the spread of Coronavirus. The company operates 50 factories and R&D units in China." - Aman Madhok

Highlights:

2019 sales remained flat at €44.4 billion while adjusted EBITA declined to 7.4% from 9.3% in 2018.
The company is expecting sales in 2020 to remain flat as well, and global automotive production to fall between 2-5%.
In November 2019, Continental announced to cut around 5,000 jobs by 2028. The company said it will announce further measures to fight the slowdown in May 2020.

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