REGENSBURG, Germany -- Auto supplier Continental projects a tenfold expansion in its electric and hybrid vehicle business within five years.
The increase, from 40 million euros ($49 million at current exchange rates) this year to 400 million euros, is based on current booked orders with automakers, Joerg Grotendorst, head of Continental AG's hybrid and electric vehicle division, said at a press event here last week.
Continental, in collaboration with Johnson Controls-Saft, already supplies a lithium ion battery for the Mercedes-Benz S400 mild hybrid.
Grotendorst said Continental is expanding its electrical vehicle operations "with a number of automakers" in the United States and Europe.
Despite the increase in revenue, Continental remains conservative in its estimate of the uptick in electric and hybrid vehicles. Continental sees electrics and hybrids representing as much as 5 percent of the global market by 2020.
Douglas A. Bolduc contributed to this report