European Auto Stocks Extend Slump as BMW Cuts 2024 Outlook [BNN Bloomberg (Canada)]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
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Source: BNN Bloomberg
The Stoxx Europe 600 Automobiles & Parts dropped 3.2% at 2:11 p.m. in Frankfurt, bringing its year-to-date loss to 11% — the second worst-performing sector in the wider regional benchmark, which has gained 6.5% in 2024. It's been a tough year for autos stocks as the industry struggles with sluggish overall demand, particularly in the key Chinese market, as well as slumping sales for electric vehicles. A trade spat between China and the European Union as well as stricter EU auto-emissions limits for 2025 that could lead to billions in fines for automakers are adding to the sector's woes. Morgan Stanley analyst Javier Martinez de Olcoz Cerdan said BMW's outlook cut is a “significant rebasing” and will result in cuts of about a quarter to 2024 consensus Ebit estimates. The carmaker attributed the downgrade mainly to faulty components that prompted a recall of 1.5 million vehicles. Its shares fell as much as 9.6%, extending their year-to-date drop to 30%. Parts and tire supplier
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