Continental has reported a second-quarter net income loss of EUR741m (US$879m), compared to plus EUR485m the previous year.

Sales were EUR6.6bn (Q2 2019: EUR11.3 billion).

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“At the low point of the worst economic crisis experienced by the automotive industry since the end of the Second World War, we outperformed our markets,” said Continental CEO, Elmar Degenhart.

“We are keeping our targets firmly in sight. Our tough cost-cutting measures are having a quick and noticeable effect.”

Continental is currently still refraining from providing a detailed outlook for the 2020 fiscal year.

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“Continental is forward-looking and well prepared for crises, which is evident particularly in such a challenging situation,” added Degenhart. “We are continuing to keep our targets firmly in sight.

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“Over the past few years, we have consistently strengthened our business with industrial and end customers. This makes us less susceptible to the ups and downs of the automotive industry.”