Continental has reported a net loss in the third quarter of EUR1.99bn (US$2.2bn), due to previously announced one-time effects from goodwill impairment and provisions, while sales rose 3% to EUR11.1bn.

"The current situation requires us to enhance our long-term competitiveness," said Continental CEO, Elmar Degenhart.

"With our global Transformation 2019–2029 structural programme, we are taking the necessary steps to achieve this. Thanks to the global demand for our systems and solutions, we were able to keep our sales at a stable level in the third quarter despite the continuing decline in the market environment.

"We are thus responding proactively to the crisis in the automotive industry and, like ten years ago, we will emerge stronger."

Degenhart confirmed annual targets for the current fiscal year, which had been adjusted in July, 2019.

"We are maintaining our outlook for the current fiscal year," added Degenhart. "We anticipate full-year sales will be about EUR44bn to EUR45bn and the adjusted EBIT margin will be about 7% to 7.5%."

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