Continental’s auto parts division has started trading at €35, with a market capitalisation of €3.5 billion, which is lower than some analyst forecasts.
The Aumovio spin-off is a key move for Continental as the German auto sector struggles in a difficult environment. The German parts supplier is unwinding a strategy, in which it built up its car parts offering through acquisitions from the late 1990s, as it faces the growing strength of Chinese rivals and faltering demand for electric vehicles.
Before the listing, analysts at Jefferies forecast Aumovio shares at €59.
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