FRANKFURT, April 25 Continental AG
said it planned to invest an additional 300 million euros ($326
million) on electric drives by 2021 while reducing spending on
mechanical and hydraulic engine parts as demand for combustion
The group said it expected its Powertrain business, which
accounts for close to a fifth of group revenues, to grow its
annual sales to around 8 billion euros this year and 10 billion
euros in 2019.
Continental had said in January it was reviewing its
Powertrain division after earnings at the business, which makes
electric and combustion engines mainly for passenger cars,
failed to meet expectations.
($1 = 0.9205 euros)
(Reporting by Maria Sheahan; Editing by Madeline Chambers)