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Market developments will continue to be characterized by high volatility in the coming months, said the company. After a production output of 77.1 million passenger cars and light commercial vehicles last year, Continental expects an increase of between 4% and 6% for the year as a whole (previously: 6% to 9%).
The company’s full-year guidance for 2022 is expected to have net sales in the range of USD 15.5 billion to USD 16.0 billion, compared with 2021 sales of USD 14.8 billion. It has also won several high-value business contracts from e-vehicle OEMs, the company has reported.
As a result, the company will need to pass on price increases to its customers, citing already-high energy and raw materials costs that have only been exacerbated by the effects of the war in Ukraine.
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Apart from Guleria, Pradeep Pandey senior vice-president (customer service), HMSI has put in his papers. In February this year Shekhar MC, formerly general manager (finished vehicles logistics), too exited the company and joined Ola Electric Mobility.
The buses will benefit from the central government subsidy offered under the remodeled FAME II scheme administered by the Ministry of Heavy Industries. “With the very low discovered prices under the Grand Challenge, a savings of approximately Rs 361 crore of national subsidy can be realised, which in turn may be utilised for additional buses,” it said.
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