German car parts maker Continental said on Tuesday its supervisory board approved the spin-off plans of the company’s powertrain unit Vitesco Technologies.
The company said that from the beginning of 2022, the business would be elevated to the independent autonomous mobility unit within its automotive technologies group sector.
Continental reiterated that the spin-off is planned for the second half of 2021. It had been aiming to spin off Vitesco since 2019, but it had to halt its plans last year due to the coronavirus pandemic.
Source: Reuters.com