FRANKFURT -- Continental withdrew its outlook for the year after measures to stop the spread of the coronavirus forced the supplier to shut down more than 40 percent of its production.
Continental said it was applying for shortened working hours for 30,000 employees and reviewing further ways it can cut costs and preserve liquidity.
Continental said it expects sales in the first quarter of around 9.4 billion euros to 9.8 billion euros ($10.3-$10.7 billion).
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.