“Car supplier reduces profit forecast”
Handelsblatt
German automotive supplier Continental expects its 2017 profit to be significantly lower than the previous year. The drop is down to “potential expenditure for warranties and pending antitrust proceedings and the aftermath of three earthquakes in Japan as well as high R&D advances,” the company said in an ad-hoc message. Higher expenditures for research and development were most likely due to the “unexpectedly fast development of purely battery-powered drives”, according to analysts from Barclays, writes Handelsblatt in a separate article.
Read the article in German here and Continental’s ad-hoc message in English here.
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