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FRANKFURT, April 25 (Reuters) - 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 engines declines.
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