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Conti: No Profits in Autonomous Cars Until 2030
Continental AG says it expects no significant revenue from its autonomous-driving products until at least 2030.
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Continental AG says it expects no significant revenue from its autonomous-driving products until at least 2030.
CEO Elmar Degenhart says the shorter-term market will be defined by the growing use of driver-assist features, such as blind-spot and lane departure warnings. These conveniences use the same technologies required for self-driving vehicles.
Degenhart’s comments came as Conti reported a 12% drop to €4 billion ($4.5 billion) in operating earnings for 2018. Adjusted revenue rose 1% to €44.2 billion ($49.7 billion). Net income slipped 3% to €2.9 billion ($3.3 billion).
The company notes that its business this year “got off to a subdued start.” Conti expects is adjusted operating margin this year will be between 8% and 9%, compared with earlier guidance of more than 9%.
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