Conti revises up car production expectations for 2023

Hanover, Germany – Continental AG has increased its forecast for annual car production to growth of between 3% and 5% year-on-year (previously 2-4%).

The Hanover group's higher projection for vehicle output, follows a strong first-half performance within the automotive market sector.

Car production increased substantially in the first six months of 2023, said Continental, though noting that this was from a low prior-year baseline.

In 2022, production declined due to “significantly disrupted supply-chains… resulting from the war in Ukraine and pandemic-related lockdowns in China.”

Citing ‘preliminary data’, Continental said the Europe recorded 16% growth in vehicle production in the first half of 2023, helped by “stabilised supply-chains”.

Production, meanwhile, increased 12% in North America, while China reported a 7% year-on-year increase in automotive manufacturing, added the 9 Aug statement.

For this year's second half, Continental now expects production volumes to be “roughly on a par” with the first six months: leading to an estimated growth of between 3% to 5% for the full-year.