By Elena Vardon
Continental AG said it will call the automotive unit that it is spinning off and plans to list on the Frankfurt stock exchange in September Aumovio.
The German auto-parts maker on Wednesday revealed the new name of the future independent company at Auto Shanghai 2025, where it also presented its "in the market for the market" approach and technologies adapted for the Chinese market.
"As an independent company, we gain significantly more creative power and speed...Our aim is to further expand our position in the future fields and growth markets of mobility. This strategy is particularly evident in China," said Philipp von Hirschheydt, a member of Continental's board and head of the automotive group sector.
The group, which had previously said that the unit would float by the end of this year, scheduled the listing for September. It expects shareholders to approve the move at its annual general meeting on Friday.
The automotive unit employs around 92,000 people and made around 19.4 billion euros in sales in 2024, which is just under half of the wider group's total employees and sales for that year, Continental said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
April 23, 2025 02:35 ET (06:35 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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