Continental found a name for its powertrain division: Vitesco Technologies. The partial IPO of the motor business unit originally announced for the second half of the year, is not expected to take place until 2020.
In the middle of last year, Continental announced that the company would be undergoing comprehensive restructuring. As of 2020, the corporation will be managed under the new umbrella brand Continental Group as a holding company with the three divisions: Rubber, Automotive and Powertrain. Particularly interesting for electric mobility is that the Powertrain division, headed by Andreas Wolf, combines the combustion business with hybrid and electric drives, in addition to all current battery activities.
While the new Group structure will take effect from 2020, the Powertrain division has been standing on its own two feet since the beginning of this year. Continental speaks of a “legal autonomy” since January 1, 2019. With this more autonomous structure, the company is responding to foreseeable changes in the powertrain business, primarily due to politically prescribed emission limits: “Political decision-makers are pushing ahead with their regulations at different speeds, particularly in the lead markets of Europe, North America and China, as well as in Japan, South Korea and the growing market of India. This requires a high degree of flexibility on the part of the industry to react quickly and individually to the requirements of the various markets, regulatory authorities, companies and customers,” was the message given when the plans were announced in July 2018.
Concerning the planned partial IPO of the Powertrain business, Continental now announces that “probably towards the end of the second half of the year,” they will have further details. Also, necessary technical and regulatory steps must be completed and depending on the market situation, this can be expected from 2020.
Just a few days ago, Continental set the next milestones for its China offensive in the course of Auto Shanghai. Among other things, the company plans to significantly expand its production capacities in the cities of Tianjin and Changzhou in the coming years. “The Chinese market remains essential for the further development of e-mobility – and thus also for us,” commented Andreas Wolf on the plans. The Powertrain division is also responsible for the joint venture with China’s CITC, which was founded in March 2018.
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