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Conti: No Profit on EV Products Until 2019
CEO Elmar Degenhart doesn’t expect Continental AG to begin making a profit on products for electric vehicles for at least two more years.
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CEO Elmar Degenhart doesn’t expect Continental AG to begin making a profit on products for electric vehicles for at least two more years.
He tells Germany’s WirtschaftsWoche that Conti so far has invested €1 billion ($1.1 billion) into electro-mobility. The company plans to increase such spending in hopes of offsetting the cost with sales of other advanced technologies. He doesn’t expect EV sales to “massively” surge until 2025 and 2030.
By then, he adds, demand for piston-powered vehicles is likely to peak and begin a slow decline.
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