Continental's Aumovio aims for higher sales in long term after IPO
Continental said Aumovio is targeting a long-term increase in sales to over 24 billion euros ($28 billion) compared with 19.6 billion euros last year, and an adjusted EBIT margin in the range of 6-8%.
"We have a clear strategy for increasing value and are well equipped to take on the market challenges that lie ahead," Aumovio CEO Philipp von Hirschheydt said, giving a strategy update at the group's capital markets day.
On the auto business's exposure to U.S. President Donald Trump's tariffs, which have panicked German carmakers and their suppliers, von Hirschheydt told reporters 92% of its products are produced in the United States or Mexico, meaning they are exempt.
"For many years, we have tried to produce very closely to where our buyers and customers are located," he added.
($1 = 0.8621 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Fed Governor Kugler says resigning from Fed effective Aug 8
By Michael S. Derby (Reuters) -Federal Reserve Governor Adriana Kugler said on Friday she was resigning from the Federal Reserve effective Aug. 8, the central bank said in a statement. Kugler's term as a governor ends next January. A Fed press release said Kugler will return to Georgetown University as a professor as of this fall. Kugler's decision advances the timeline for U.S. President Donald Trump to make an appointment to the Fed board by several months. Sign in to access your portfolio
Yahoo
3 minutes ago
- Yahoo
Jobs Shock Sends Markets Spinning -- Is a Fed Rate Cut Now Inevitable?
U.S. job growth just hit its weakest pace since the pandemic, and markets are paying attention. July payrolls rose by only 73,000well below the 104,000 consensuswhile May and June figures were revised down by nearly 260,000 jobs. That brings the three-month average to a meager 35,000. Unemployment stayed at 4.2%, but the participation rate dropped to 62.2%, a near three-year low. Some economists point to President Donald Trump's immigration clampdown as a contributing factor to declining labor supply. Federal job cutsnow in their sixth monthare also weighing on local economies, particularly in regions dependent on government funding. Investors are now recalibrating. The S&P 500 (SPY) opened lower, Treasury yields fell, and the dollar softened as bets on a September Fed rate cut gained momentum. Despite Chair Jerome Powell's recent comments calling the labor market solid, the latest data suggests otherwise. Wage growth came in at 0.3% month-over-month, but broader indicatorslike the rise in long-term unemployment and a sharp jump in joblessness among Black Americanspoint to growing stress. Kathy Bostjancic, chief economist at Nationwide, noted that the cracks in the labor market have widened substantially, reinforcing the case made by Fed dissenters who argued for a rate cut this week. Beneath the surface, sector-level pain is spreading. Manufacturing, government, and professional services all lost jobs in July. A partial rebound in private payrolls was driven mainly by gains in healthcare and social assistance. Meanwhile, AI-related disruption is fueling layoffs in tech. Yet job openings remain elevated, and initial jobless claims have dropped, signaling that some firms are still reluctant to let go of workers. According to Bloomberg Economics, the bigger issue now may be that labor demand is falling faster than supply. That dynamic, combined with the broader slowdown and fresh political pressure from Trump, could push the Fed closer to action. September just got a lot more interesting. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
3 minutes ago
- Yahoo
BYD Just Blinked -- China's EV Throne Now Up for Grabs
BYD Co. (BYDDF), the world's largest EV seller, just hit a speed bump. July deliveries came in at 344,296 unitsbasically flat from a year ago and down 10% month-on-monthmarking the company's first monthly decline of 2025. While summer slowdowns aren't new in China's auto market, the timing couldn't be worse. With only 2.49 million vehicles sold year-to-date, BYD now needs to average 602,000 units per month to hit its 5.5 million goal. That's a steep climb, especially considering its all-time monthly high is still under 515,000. To make matters tougher, Beijing is cracking down on discount-driven price wars, tightening the screws on the entire sector. Warning! GuruFocus has detected 1 Warning Sign with NVO. Meanwhile, the competition is heating up fast. Geely just posted its strongest month since last November with 237,717 units. Xpeng and Leapmotor both notched record-breaking deliveries36,717 and 50,129 vehicles, respectivelywhile Xiaomi broke through the 30,000-unit mark for the first time. Even Nio, despite logging its weakest month since March, saw its stock jump 8.6% after the launch of its aggressively priced Onvo L90, which some analysts view as a strong product-market fit. Li Auto, on the other hand, took a hitdown 40% year-on-year to just over 30,000 units. Zooming out, retail passenger vehicle sales in China were estimated to grow 7.6% year-over-year in July but fell 11% versus June, reflecting broader seasonal softness. Still, the narrative around BYD could be shifting. It's not just about volume anymoreit's about defending market share in a field that's suddenly full of fast-moving challengers. With delivery targets slipping out of reach and new rivals scaling up at speed, the race for EV dominance in China is looking a lot more competitive. This article first appeared on GuruFocus.
