August 22, 2018 / 5:39 PM / 9 months ago

Pirelli doesn't see changes in tyre market that could impact its forecasts

A view of the plant of Pirelli tires inside the Santa Fe Industrial Park in Silao, in Guanajuato state, Mexico, November 8, 2017. REUTERS/Edgard Garrido/File Photo

MILAN (Reuters) - Tyre-maker Pirelli said on Wednesday it did not see any significant changes in the tyre market that could impact its forecasts for the current year.

Earlier on Wednesday German automotive supplier Continental AG cut its 2018 sales and margin guidance, citing lower revenues, higher costs for developing hybrid and electric car technologies, and unspecified warranty claims, sending its shares down 14 percent.

Analysts at Evercore ISI said there did not appear to be a broader read-across for the sector.

Reporting by Giulia Segreti

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