In December 2012, Continenatl Automotive stated that it will spend 100 million euros (about US$131 million) to expand its business in the Indian market in the next three years.
Continental CEO Elmar Degenhart stated: “In the global automotive industry, India is one of the most attractive markets. We plan to invest 100 million euros in this market in the next three years. (US$131 million). At present, our turnover in this market is approximately 450 million euros (US$588 million). We plan to increase this figure to 1 billion euros (approximately US$1.36 billion) in the next five years. )."
Continental Group India is headquartered in Bangalore and has a total of six factories and three R&D centers in India. The company plans to start production of radial tires at its Indian plant and plans to double its biased tire production capacity at the Modipuram plant to 1 million pieces/year.
Degenhart expects that the Indian auto market will gain 5% to 10% in the short term, and that by 2020, the sales volume of light vehicles in this market is expected to exceed 7 million. Continental Group recently stated that its global sales in this fiscal year are expected to exceed 32.5 billion euros (about 42.4 billion U.S. dollars), which is an increase of 6.5% compared with 30.5 billion euros (about 39.8 billion U.S. dollars) in 2011.
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