FRANKFURT — Continental said on Tuesday that slower automobile production growth over the next five years had forced the supplier to book a 2.5 billion euro ($2.8 billion) impairment.
The auto industry slowdown has already prompted profit warnings from various suppliers, including Continental, in the past few months.
“We do not anticipate that global production of passenger cars and light commercial vehicles will experience any material improvement in the next five years, so we have revised our assumptions for the medium-term market development accordingly,” Chief Financial Officer Wolfgang Schaefer said in a statement on Tuesday when releasing preliminary key figures for the third quarter.
