One of the world’s largest automotive industry suppliers said it would cut investment in combustion engines to facilitate more creation of electric power trains.
Germany-based Continental AG, the world’s fourth largest auto supplier, announced it would cut its investment in standard combustion engines and parts and focus on their electric counterparts. The shift comes as many nations in the European Union have pledged to outright ban gas powered vehicles over the next few decades. They also want to keep pace with vehicle manufacturers like Volkswagen, BMW and Ford who have announced plans to create more electric models.
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According to reports, continental generates about $35.9 billion in annual sales. Representatives from the company have said the shift in focus will not mean they will cease manufacturing combustion engines or parts in the near future.
