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Finally the much needed public statement from Dr. Degenhart. Even though was known to all automotive supplier and OEMs, sheer pressure from lawmakers had generated quite a turbulence in the market.
Sitting in the companies Diesel competency center and powertrain headquarter in Germany, I could comment that bio fuels and synthetic fuel have got a lot of importance in the last years and good push in terms of development from EU. Small diesel engines coupled with 48V hybrid belt generator or plug ins are to be seen on our roads for next 2 or 3 decades easily.

As the CEO mentions, the ev market is not driven by buyers or sellers but by the stipulations from lawmakers
While the statement from CEO is extremely logical for global trend, with country like India we could easily add another decade to this trend.

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While IC engines could stay for next 20 years, more realignment on product strategy within the organization due to market trend.

Continental AG plans to eliminate jobs and may sell some combustion-engine component businesses, deepening an overhaul at the German automotive supplier caught up in the disruptive industry shift to battery-powered vehicles

Continental also said on Wednesday it decided to stop growing its hydraulic components business, which makes injectors and pumps for gasoline and diesel engines. It’s also reviewing operations that make parts for exhaust-gas treatment and fuel-supply systems.

Continental is also quite strong in their eDrive business and a shift from IC to electronics may not have a huge impact on the company unlike other smaller ones whose competencies lie only in IC engines.

While Continental has sufficient scale and a strong presence in the growing electronics components business, many smaller peers specialized in traditional combustion-engine technology are getting squeezed.

https://www.bloomberg.com/news/artic...hift-to-e-cars


The big B from stuttgart is also not far behind in trend setting.

The declining demand for diesel vehicles would lead to noticeable job cuts at the German automotive supplier, Volkmar Denner, chief executive officer (CEO) of Bosch announced on Tuesday.

The German automotive supplier had been particularly affected by the decline in demand for diesel engines, particularly in Europe and India.

http://www.xinhuanet.com/english/201..._138288319.htm

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The Powertrain division of Continental has be re-branded as Vitesco Technologies.

Vitesco Technologies formerly (until September 2019) the Continental Powertrain Division, brings together the full spectrum of Continental’s drivetrain technology expertise. The company’s aim is to develop innovative, efficient electrification technologies for all types of vehicle. Its portfolio includes 48-volt electrification solutions, electric drives, and power electronics for hybrid and battery-electric vehicles. Furthermore, the product range counts electronic controls, sensors and actuators as well as solutions for exhaust after-treatment.

Source: https://www.vitesco-technologies.com/en/