Latest news with #PhilippvonHirschheydt
Reuters
2 hours ago
- Automotive
- Reuters
Continental's Aumovio aims for higher sales in long term after IPO
BERLIN, June 24 (Reuters) - Continental's ( opens new tab automotive division, set to go public in September under the name Aumovio, hopes to boost sales by 22% in the long term as it sharpens its focus on technologies that add value to the carved-out company, it said on Tuesday. 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)
Yahoo
2 hours ago
- Automotive
- Yahoo
Continental's Aumovio aims for higher sales in long term after IPO
BERLIN (Reuters) -Continental's automotive division, set to go public in September under the name Aumovio, hopes to boost sales by 22% in the long term as it sharpens its focus on technologies that add value to the carved-out company, it said on Tuesday. 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) Sign in to access your portfolio
Time of India
24-04-2025
- Automotive
- Time of India
Continental Automotive unveils new name Aumovio at Auto Shanghai to pave future mobility innovations
Continental's Automotive group sector unveiled its future identity, Aumovio , at Auto Shanghai . It is signaling its transition into an independent automotive company focused on shaping the future of mobility with innovative electronic products and advanced solutions for software-defined vehicles. The company is expected to list on the Frankfurt Stock Exchange in September 2025, following approval at the Continental Annual Shareholders' Meeting on April 25, 2025. Aumovio aims to capitalise on the growing market for mobility solutions, particularly in China, where it has a strong presence and is expanding its local capabilities. The company will offer solutions for safe, exciting, connected, and autonomous mobility to a wide range of global customers. What does it indicate? Aumovio combines Continental's established market position, automotive heritage, and technological expertise with a forward-looking ambition. At Auto Shanghai, the Automotive group sector showcased its "in the market for the market" approach. The company also presented several innovative technologies designed specifically for Chinese customers and the Chinese market. The expected listing on the Frankfurt Stock Exchange in September 2025 marks a significant step for Aumovio. It will follow the anticipated approval at the Continental Annual Shareholders' Meeting on April 25, 2025. Philipp von Hirschheydt, Member of the Executive Board of Continental and CEO of Automotive, emphasized the benefits of independence. "As an independent company, we gain significantly more creative power and speed. Aumovio will be characterized by a triad of technologically leading products, a consistent value creation strategy and a global synergetic network, combined with a strong local presence for our customers. This strategy is particularly evident in China. Among other things, we are relying on our strong local presence by producing and developing locally for the Chinese market," said Philipp von Hirschheydt. The growth of Continental Automotive group Continental's Automotive group sector has maintained a presence in China for three decades. It currently employs approximately 10,000 people in the country. In the 2024 financial year, Automotive generated around 14 percent of its global sales in China. Among the products showcased at Auto Shanghai were the Luna and Astra driver assistance systems. These systems were developed in the joint venture Horizon Continental Technology, specifically for the Chinese market. Luna is an assistance system designed to enhance active safety. It provides basic driving and parking functions to improve overall safety and comfort. Astra is an advanced assistance system that enables assisted driving without relying on a high-resolution map. It also features parking assistance with a memory function. Aumovio will offer highly developed electronic products and modern mobility solutions. The company possesses a strong market position in innovative sensor solutions, displays, and technologically advanced braking and comfort systems. Aumovio also has significant expertise in software, architecture platforms, and assistance systems.
Yahoo
18-02-2025
- Automotive
- Yahoo
German auto supplier Continental to cut 3,000 more jobs
German auto supplier Continental said Tuesday it will cut a further 3,000 jobs by the end of 2026, the latest sign of weakness for the country's auto sector. The job reductions will be in research and development, it said, adding that less than half of the cuts will be in Germany. Continental said the cuts would "to a large extent" take place via natural turnover, such as from retirement. "We are continuously improving our competitive strengths in the interest of our sustainable market success," said Philipp von Hirschheydt, head of the automotive division at Continental. Continental had already announced plans last February to cut 7,150 jobs by 2025. The firm employs about 200,000 people worldwide with about 31,000 of those in research and development. It has also announced it will spin off its automotive components business. The news comes amid testing times for the European car industry, which is struggling with fierce Chinese competition and the shift to electric vehicles. Sports car maker Porsche announced 1,900 layoffs last week, citing weak demand for its electric cars, and Volkswagen last December reached an agreement with unions to cut 35,000 jobs across its German locations by 2030. BMW and Stellantis, which owns brands such as Fiat and Jeep, warned investors last year that their performance for 2025 would fall short of expectations, citing weak demand in China. vbw/sr/rl
