Conti revises outlook down amid high costs, low demand

Hanover, Germany – Continental AG has revised down its financial outlook for the year due mainly to lower sales, higher costs and warranty claims.

The company has adjusted overall group sales guidance from €46 billion to €45 billion, due to negative exchange rate effects and lower demand, a 22 Aug press release said.

Lower-than-expected demand in original equipment, particularly in Europe and China within the automotive and ContiTech divisions have contributed to the lower sales guidance.

Additionally, weak demand in the tire markets in both regions has led…

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