Continental has invested more than one billion euro in electric car technologies the past few years, but has little to show for it so far. The auto parts maker expects losses to last until at least 2019, Chief Executive Elmar Degenhart told WirtschaftsWoche, a business weekly and sister publication of Handelsblatt.
Mr. Degenhart, who confirmed the Frankfurt-listed company’s full-year outlook, said in an interview that the world’s second-largest car parts maker would not make money with electric car products “before 2020.”
“Investments are increasing. The necessary development costs are the biggest challenge for our industry,” Mr. Degenhart said about e-car technologies. “The shift from combustion engines to electro-mobility will only massively take off between 2025 and 2030.”
Electric driving is seen as one of the biggest transformations affecting the car industry, in addition to self-driving vehicles. U.S. firms Google, Apple and Tesla as well as Chinese rivals such as BYD have made inroads in the industry.