Top Auto Supplier Turns to Gene Testing, Heat Pumps for Growth [BNN Bloomberg (Canada)]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
Company Research
Source: BNN Bloomberg
The world's biggest auto parts maker is investing in gene testing, hydrogen and heat pumps to ensure growth as the auto industry — which contributes more than half of Bosch's revenue — sees consumers holding back on spending. “For 2024, we aren't expecting any economic tailwind,” Chief Financial Officer Markus Forschner said Thursday, citing slugging global economic growth with stagnating vehicle production and continued weakness in the mechanical engineering market. Read More: Europe Car Sales Drop in March as EV Weakness Persists Carmakers and suppliers are undergoing a strategic reset with demand for electric vehicles developing more slowly than expected. Higher interest rates have started to weigh on consumer spending and automakers' order backlogs from the protracted chip-supply crisis have faded away. Bosch said it would likely struggle to match last year's operating margin of 5.3%, according to an earnings statement. Bosch and German peers Continental AG and ZF Friedri
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