Vitesco reported revenues and profit down in the third quarter as it continued to face what it termed a ‘challenging market environment’.

The company also warned that it does not expect supply chain shortages to ease significantly before year-end 2022.

Revenue in the third quarter of was put at EUR1.9bn (compares with Q3 2020 EUR2.2bn).

Continental achieved a good result in the first quarter of 2021 in a persistently challenging market environment. At the same time, the mobility supplier pushed ahead with the implementation of its realigned strategy by making a number of key decisions. “We are making noticeable progress and tackling the tasks at hand systematically. With the latest resolutions, the spin-off of Vitesco Technologies this year draws nearer as planned, and from January 1, 2022, we will manage the two areas of “Autonomous Mobility” and “Safety” as independent business areas.