the current market environment is highly challenging the key automotive markets of europe north america and particularly china are declining said continentals ceo elmar degenhart new delhi german automotive supplier continental on wednesday reported 41 per cent fall at 485 million in its profit for the second quarter ended june 30 2019 due to sharp decline in automobile business globally in the past quarter the global production of passenger cars and light commercial vehicles was down about 7 percent compared to the same quarter of the previous year the company said in a release advt the current market environment is highly challenging the key automotive markets of europe north america and particularly china are declining said continentals ceo elmar degenhart he added we are responding to the declining market by ensuring rigorous cost discipline and enhancing our competitiveness degenhart is concerned however about the massively increasing pressure on industry locations such as germany where energy tax and social costs are comparatively high read alsodiesel engines to stay for next 20 years says continental ag ceo moreover he reported that the automotive industry is currently undergoing a fundamental dramatically accelerating and partly disruptive transformation worldwidein contrast consolidated sales of company was marginally lower by 1 per cent at about 113 billion than in the same quarter of the previous year organic sales growth in the second quarter adjusted for changes in the scope of consolidation and exchangerate effects was down 37 percent in the same period adjusted ebit in the second quarter stood at 868 million this equates to a margin of 78 percent the technology company thus confirms its preliminary business figures for the first half of 2019 as published on july 22 2019 for the current fiscal year global production of passenger cars and light commercial vehicles is expected to decrease by about 5 percent yearonyear the company noted etauto published on aug 7 2019 at 0352 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app continental q2 pat automotive market elmer degenhart auto slowdown homenewsauto componentscontinental q2 pat falls 41 at 485 million