My Tiny Feed

sueddeutsche.de

Continental's Q3 Profit Surge Amidst Auto Industry Crisis

Despite industry challenges, Continental reports a significant profit increase in Q3, driven by price hikes and cost cuts. The company plans to spin off its automotive supply division.

Read original article in German

German

Germany

Germany RestructuringFinancial PerformanceProfitabilityAutomotive SupplierIndustry Trends

ContinentalVw

Olaf SchickNikolai Setzer

What are Continental's plans for its automotive supply division?: Continental plans to spin off its automotive supply division to the stock market. While the process is ongoing, management expresses confidence in meeting the necessary conditions for the spin-off.
What were Continental's financial results for the third quarter?: Continental, despite a slight decrease in turnover, reported a significant 63% increase in net profit to €486 million in Q3. This was driven by higher prices negotiated with automakers and cost reductions.
What is the overall outlook for Continental's automotive division?: Despite a challenging automotive market, Continental's CFO, Olaf Schick, and CEO, Nikolai Setzer, remain optimistic about further progress in the automotive division's results during the year's end.
Were the price increases negotiated across all key clients including VW?: Continental successfully negotiated 90% of planned price increases with automakers to offset inflation, though it did not disclose if this included key customer VW, who recently intensified cost-cutting measures.
How did Continental's automotive supply division perform, and what actions contributed to its performance?: The automotive supply division, a long-standing concern for Continental, benefited from successful price negotiations and cost-cutting measures, including job reductions. These efforts helped offset the impact of industry weakness.

Jan 23, 01:10

Volkswagen's Collaborative Cost Cuts Raise Investor Doubts

Volkswagen's pre-Christmas cost-cutting agreement, involving plant closures and 35,000 job cuts by 2027, prioritizes collaboration with labor unions, raising investor concerns about its feasibility and impact on the company's stock price.

Jan 23, 01:10

Afghan Asylum Seeker Kills Two in German Knife Attack

In Aschaffenburg, Germany, a 28-year-old Afghan asylum seeker with a history of violence and psychiatric treatment stabbed a 2-year-old boy and a man to death on Wednesday, injuring two more people, one a toddler. The attacker, who had been ordered to leave the country but failed to do so, is suspected to have mental health issues; there is no indication of terrorism.

Jan 23, 01:10

Corporate Appeasement and Religious Resistance to Trump's Policies

Top executives from major US companies and prominent German politicians have shown support for Donald Trump, while religious leaders like Bishop Mariann Edgar Budde have openly criticized his policies, highlighting the contrast between appeasement and resistance to right-wing extremism.

Jan 23, 10:08

Knife Attack in Aschaffenburg, Germany: Two Dead, Two Critically Injured

A 28-year-old Afghan refugee stabbed a group of children and their educators in Aschaffenburg, Germany, killing a toddler and an educator, while another educator and child were critically injured; the attacker had a history with authorities and was subject to a deportation order.