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Continental bets on electric cars
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CONTINENTAL, a German auto parts supplier, announced last night that it will invest 300 million euros (US$328.44 million) globally on developing technologies related to electric and hybrid vehicles by 2021.
“In 2025, we expect pure electric drive systems account for about 10 percent of auto industry globally, and hybrid drive systems will account for almost 30 percent of the total industry,” said Elmar Degenhart, chief executive officer of Continental.
The company said it will consistently strengthen the growth of business with electric drive systems as the market is growing globally.
Continental has invested a total of 1 billion euros in electrification during past five years. The company expects a growing turnover from 130 million euros today to up to 1 billion euros by 2021.
The company also plans to open up additional business opportunities of 2 billion euros by 2025 with further expenses in research and development of hybrid electric vehicle related technologies.
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