Continental Tire-Maker Produces Batteries for Hybrid Car
Posted on February 13, 2012
Filed Under Continental Tires, Technologies
One of the largest tire manufacturers, the Continental AG, decides to try itself in a new field, namely the production of hybrid car batteries. Although the company deals with electronic equipment for car, it has never touched the battery segment.
Elmar Degenhart, Chief Executive Officer of Continental AG, stated at Detroit auto show that they are going to begin the cooperation with the SK Innovation company, Korean battery maker, and make lithium-ion batteries that equip the majority of present-day electric and hybrid vehicles. Continental holds 49 per cent share in a new joint venture and is likely to fit in top three companies in the sphere of battery making.
However, the joint venture isn’t likely to be based over a new plant. The SK Innovation invests about $1 billion on its production in Korea. They are highly mobile, states, Mr Degenhart, and can produce batteries for both consumer and automotive markets. So Continental is glad to take their niche in the second direction. The batteries are scheduled to appear in 2 or 3 years.
The head of the company noticed as well that by 2020 nearly 8 per cent from 100-million car production would be taken by hybrid cars while 4 per cent - by electric cars. By 2025 there would be 30-40 per cent of battery-driven vehicles on the market.
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