The decline of up to 8.1% July 11, report financial news sources, sees the stock plummet to 53.65 euros. For the year, Continental’s stock is down 40%, its value now down at 8.7 billion euros. The fall comes as a result of a variety of challenges to automotive stocks including the rapid ascent of raw materials costs and the decline in demand from traditional markets.
Concurrently, French competitor Michelin faced a similarly difficult day on the markets, with shares declining by 5.9% in Paris. Overall, Bloomberg’s Europe Auto Parts & Equipment Index – including the two manufacturers – is down in 2008 by 31%, having included the not inconsiderable hit from today’s declines for its two biggest members, being down 4% for the day. (Tyres & Accessories/Staffordshire, U.K.)
