FRANKFURT -- Continental plans to sell some of its automotive operations, including parts of powertrain arm Vitesco Technologies and rubber unit ContiTech, CEO Elmar Degenhart told a German business paper.
Continental's management was already holding talks with parties potentially interested in some of the divisions, Degenhart was quoted as saying in an interview with the Frankfurter Allgemeine Zeitung. The company's tire business is not part of the divestment plan, he said.
In April, Continental postponed the planned listing of Vitesco, citing economic uncertainty.
Degenhart said last month that the supplier aims to reduce costs by at least 1 billion euros ($1.2 billion) a year in a deeper restructuring as the coronavirus adds to pressure on the auto industry.
The supplier does not expect the global market to return to the 2017 level until the middle of the decade.
Continental is restructuring in the direction of electronics, sensor technology, e-mobility and software.
