May 9, 2017 / 7:57 AM / 2 months ago

Continental to hike prices to cushion 500 mln eur of raw material costs

1 Min Read

BERLIN, May 9 (Reuters) - Continental plans to raise prices to help offset 500 million euros ($546 million) of costs it expects to incur this year from rising raw material prices, its finance chief said.

The impact of higher raw material prices may peak in the second quarter at about 175 million euros of costs and ease to 100 million euros each in the third and fourth quarter, finance chief Wolfgang Schaefer told Reuters in an interview on Tuesday.

Separately, the CFO said demand for combustion engines would keep growing on an annual basis through about 2025 despite increasing scepticism among customers amid a discussion about public driving bans for diesel vehicles.

$1 = 0.9159 euros Reporting by Andreas Cremer and Jan Schwartz; Editing by Maria Sheahan

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