Continental Chief Executive Manfred Wennemer told investment bankers yesterday that the tiremaker now expects to incur added costs of up to 300 million euros ($377 million) compared to 211 million in added costs in 2005.
However, unlike Bridgestone, which lowered its earnings target for 2006 by 35%, Wennemer reaffirmed Continental’s expectation of higher revenue and earnings for this year. Michelin had previously said high raw material costs would make it difficult to make its target growth for the year.