This somewhat contrasts with Continental stakeholder Schaeffler SHA_p.DE, which in June cut its annual profit guidance, citing increased price pressures in the automotive sector and higher development costs related to electric cars. “We expect no particular changes this year from what we are used to,” he said when asked whether he expected carmakers to seek price reductions in the wake of the diesel agreement. “A new generation of combustion engines will again be developed but after that (around 2023), a further development will no longer be economically justifiable because more and more work will switch into electric mobility,” finance chief Wolfgang Schaefer told Reuters in an interview on Thursday. However, environmentalists vowed to press ahead with legal action aimed at banning polluting vehicles.Ĭontinental, which makes regulators for exhaust gas cleaning systems in diesel cars and nitrogen oxide-measuring sensors, expects German carmakers to abandon efforts to develop combustion engines from about 2023. German politicians and car bosses agreed on Wednesday to overhaul engine software on 5.3 million diesel cars to cut pollution. REUTERS/Fabian BimmerĬompanies such as Volkswagen VOWG_p.DE, Daimler DAIGn.DE and BMW BMWG.DE face pressure to clean up their diesel engines two years after VW's emissions test-cheating scandal broke. Wolfgang Schaefer, CFO of German tyre company Continental poses for the media before the annual news conference in Hanover, Germany March 2, 2017.
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