Degenhart also said that forced lay offs may be necessary.
Continental announced non-cash goodwill writedowns of 2.5 billion euros and said it expected to deliver and adjusted earnings before interest and taxes (EBIT) margin of 5.5 percent to 6.5 percent this year, disappointing analysts.
Adjusted earnings before interest and taxes (EBIT) was down 22 percent to 3.2 billion euros in 2019.
Degenhart said potential supply chain disruptions, caused by coronavirus travel restrictions, had been avoided by switching from shipping parts to using air freight.
Production and logistics were expected to normalize in the second quarter of the year, he said.
Continental ranks No. 4 on the Automotive News Europe list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $37.8 billion in 2018.