August 7, 2019 / 6:49 AM / 4 months ago

Germany's Continental seeks cost cuts as Q2 profit drops

BERLIN, Aug 7 (Reuters) - Continental AG, Europe’s largest listed automotive supplier by revenues, said it was seeking to cut costs after its net profit dropped 41% year-on-year in the second quarter.

"We are responding to the declining market by ensuring rigorous cost discipline and enhancing our competitiveness," CEO Elmar Degenhart said in a statement here

The Hanover-based company also said it would not invest in battery cell production.

It confirmed its full-year outlook, which it had lowered last month, citing an expected decline in global vehicle production. (Reporting by Thomas Seythal Additional reporting by Jan Schwartz in Hamburg Editing by Michelle Martin)

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