By Oliver Hall
Continental is set to inject around £450 million into pumping up the production of tyres, according to German news reports.
Elemar Degenhart, the company’s chief executive, has revealed: “We should have invested more in tyres in the past five years, we are catching up on that now.”
Speaking to the German weekly Frankfurter Allgemeine Sonntagszeitung, he added: “We are doubling capacity in Brazil, and China is starting up next year. We are also discussing a cooperation in India and are considering our own production in Russia.”
The newspaper did not say over what period Conti planned to make the investment.
Degenhart also made optimistic comments about the company’s 2010 outlook, according to the newspaper. It raised its top-line outlook in July, saying it sees full-year sales growing by about 15 percent.
“That figure is certainly conservative,” the paper cited Degenhart as saying. Conti is due to report third-quarter financial results on 3rd November.