In a statement, Continental reported a 2.5 billion euro fall in value across several business units.
Combined with almost 100 million euros of restructuring costs, “these factors will... result in a negative value for net income attributable to shareholders for the third quarter of 2019 and for fiscal 2019.” The Hanover-based group also said it would spin off completely its powertrain division Vitesco for a stock market listing, ditching its previous plan of a partial flotation.
The powertrain refers to all parts of a car involved in producing and transmitting power, from the motor via the gearbox, driveshaft and axles to the wheels.
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