Category: Press Release

• Consolidated sales of €10.0 billion (Q2 2023: €10.4 billion, -4.1 percent)
• Adjusted EBIT of €704 million (Q2 2023: €501 million, +40.6 percent)
• Adjusted EBIT margin of 7.0 percent (Q2 2023: 4.8 percent)
• Net income of €305 million (Q2 2023: €209 million, +46.2 percent)
• Adjusted free cash flow of €147 million (Q2 2023: -€14 million)
• CEO Nikolai Setzer: “As announced, we improved in all group sectors compared with the first quarter. In the current challenging market environment, the improvements in earnings are mainly due to the measures we have taken in the group sectors”
• CFO Olaf Schick: “We will not let up in the second half of the year and will continue to work hard to achieve the financial targets we have set ourselves”
• Continental adjusts outlook due in large part to lower expected production of passenger cars and light commercial vehicles

Hanover, August 7, 2024. Continental ended the second quarter of 2024 in line with its expectations. As announced, the company significantly increases earnings in all three group sectors compared with the first quarter of this year. The technology company also posted much stronger earnings year-on-year. In the Automotive group sector, price adjustments and initial savings from cost-cutting measures had a particularly positive effect. The Tires group sector achieved good results thanks mainly to the strong tire-replacement business, especially in Europe. In a weak industrial market environment, ContiTech also benefited from price adjustments and strict cost discipline. Furthermore, Continental has adjusted its outlook due in large part to lower expected production of passenger cars and light commercial vehicles.

“As announced, we improved in all group sectors compared with the first quarter. We have made significant progress in Automotive and aim to improve even further in the coming quarters. Tires achieved good results, while ContiTech also performed well despite a still weak industrial environment. In the current challenging market environment, the improvements in earnings are mainly due to the measures we have taken in the group sectors,” said Continental CEO Nikolai Setzer in Hanover on Wednesday.

Adjusted operating result (adjusted EBIT) of €704 million

In the second quarter of 2024, Continental achieved consolidated sales of €10.0 billion (Q2 2023: €10.4 billion, -4.1 percent). Its adjusted operating result increased to €704 million (Q2 2023: €501 million, +40.6 percent), corresponding to an adjusted EBIT margin of 7.0 percent (Q2 2023: 4.8 percent).

Net income in the second quarter amounted to €305 million (Q2 2023: €209 million,
+46.2 percent). Adjusted free cash flow was €147 million (Q2 2023: -€14 million).

“The measures we have adopted to reduce costs and our commitment to implementing them effectively are starting to pay off and helped us to improve significantly compared with the first quarter. We will not let up in the second half of the year and will continue to work hard to achieve the financial targets we have set ourselves,” said Continental CFO Olaf Schick.

Weak automotive production in Europe

The global production of passenger cars and light commercial vehicles in the second quarter of 2024 was roughly on par with the previous year, falling marginally by around 1 percent year-on-year to 22.1 million units (Q2 2023: 22.3 million units).

At around 4.3 million units, vehicle production in Europe from April to June 2024 was significantly lower than the prior-year period (-6 percent). In North America, production rose slightly to around 4.2 million vehicles (+2 percent). China saw gains of roughly 5 percent, producing
around 7.0 million vehicles in the second quarter of 2024.

Market outlook and forecast for fiscal 2024 adjusted

For the current fiscal year, Continental expects the production of passenger cars and light commercial vehicles to develop by -3 to -1 percent year-on-year (previously: -1 to +1 percent).
This is due to in large part to the European market, where Continental forecasts a slowdown of
-6 to -4 percent (previously: -3 to -1 percent). The technology company expects the North American market to develop by -1 to +2 percent (previously: 0 to +3 percent) in the tire-replacement business.

Given the expected market trends described above, Continental has adjusted its outlook for the current fiscal year.

Continental now expects consolidated sales of around €40.0 billion to €42.5 billion (previously: around €41.0 billion to €44.0 billion) and still expects an adjusted EBIT margin of around 6.0 to 7.0 percent.

For the Automotive group sector, Continental expects sales of around €19.5 billion to €21.0 billion (previously: around €20.0 billion to €22.0 billion) and an adjusted EBIT margin of around 2.5 to 3.5 percent (previously: 3.0 percent to 4.0 percent).

For the Tires group sector, Continental now anticipates sales of around €13.5 billion
to €14.5 billion (previously: around €14.0 billion to €15.0 billion) and still expects an adjusted EBIT margin of around 13.0 to 14.0 percent.

For the ContiTech group sector, Continental still expects sales of around €6.6 billion to €7.0 billion and now expects an adjusted EBIT margin of around 6.5 to 7.0 percent (previously:
around 6.5 to 7.5 percent).

Adjusted free cash flow is expected to be around €0.6 billion to €1.0 billion (previously: around €0.7 billion to €1.1 billion).

Key figures for the Continental Group

	January 1 to June 30						Second Quarter
€ millions	2024	2023		Δ in %		2024		2023		Δ in %
Sales	19,791	20,732		-4.5		10,003		10,426		-4.1
Adjusted sales1	19,753	20,697		-4.6		9,991		10,411		-4.0
Adjusted operating result (adjusted EBIT)2	900	1,075		-16.2		704		501		40.6
in % of adjusted sales	4.6	5.2				7.0		4.8
Net income attributable to the shareholders of the parent	252	591		-57.4		305		209		46.2
Basic earnings per share in €	1.26	2.95		-57.4		1.52		1.04		46.2
Diluted earnings per share in €	1.26	2.95		-57.4		1.52		1.04		46.2
Research and development expenses (net)	1,628	1,548		5.2		803		757		6.0
in % of sales	8.2	7.5				8.0		7.3
Capital expenditure3	909	940		-3.3		477		511		-6.8
in % of sales	4.6	4.5				4.8		4.9
Adjusted free cash flow	-939	-964				147		-14
Net indebtedness as at June 30	5,601	6,076		-7.8
Gearing ratio in %	39.6	43.7
Number of employees as at June 304	197,622	203,746		-3.0

1 Before changes in the scope of consolidation.

2 Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.

3 Capital expenditure on property, plant and equipment, and software.

4 Excluding trainees.

Automotive: strong improvement compared with the start of 2024 and the prior-year quarter

In the Automotive group sector, sales fell by 3.4 percent to €5.0 billion (Q2 2023: €5.1 billion). At 2.7 percent, the adjusted EBIT margin improved significantly year-on-year
(Q2 2023: -0.5 percent). This was mainly due to agreements from price negotiations with automotive manufacturers, the systematic implementation of cost-cutting measures and efficiency improvements. Continental expects the positive effects to be even greater in the second half of the year. Conversely, earnings were dented by weak automotive production in Europe.

In the last quarter, Continental also received a large order from a major international manufacturer for a center console display, with an order volume exceeding €2 billion. The total order volume of the Automotive group sector in the second quarter of 2024 amounted to €5.9 billion.

Tires: good second-quarter results

The Tires group sector achieved good results in the second quarter, generating sales of €3.4 billion (Q2 2023: €3.5 billion, -1.7 percent). At 14.7 percent, its adjusted EBIT margin was higher than in the previous year (2023: 13.7 percent) and up sharply on the first quarter of 2024. The group sector benefited from a strong tire-replacement business, especially in Europe.

Tires for the European market are manufactured at various locations, including in Lousado, Portugal, where this year Continental rolled out carbon-neutral production for its tires. This has been made possible thanks to steam generated by a boiler powered just by electricity. Continental generates the steam using both in-house produced solar power and renewable energy from the power grid. The plant is one of Continental’s largest, with an annual production capacity of
18 million tires. Continental plans to switch all of its tire plants to fully carbon-neutral production processes by 2040 at the latest.

Lousado is also home to the production of Continental’s most sustainable tire, the UltraContact NXT, which recently won the German Award for Sustainability Projects 2024. The tire – which is composed of up to 65 percent renewable, recycled and ISCC PLUS mass balance-certified materials – has already received numerous awards, including the Sustainability Award at the Swiss Automotive Show Innovation Awards 2023, the International Design Award 2023 and the Tire Technology International Award 2024.

ContiTech: significantly improved margin in the second quarter of 2024

The ContiTech group sector posted sales of €1.6 billion (Q2 2023: €1.7 billion, -5.5 percent) and an adjusted EBIT margin of 7.1 percent (Q2 2023: 6.5 percent) in the second quarter. Despite weak industrial demand, ContiTech’s earnings significantly improved compared with the first quarter of the year, largely on the back of strict cost discipline combined with agreements from price negotiations in the automotive business.

ContiTech also received several major orders in the second quarter. One of these was from a US customer for the strongest conveyor belt in the world, the ST 10,000. Measuring up to 3.2 meters wide, it can pull a total weight of 3,200 metric tons – equivalent to more than 2,100 small cars. The order volume for this particular conveyor belt, including offered services, amounts to around €40 million.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2023, Continental generated sales of €41.4 billion and currently employs around 200,000 people in 56 countries and markets.

India, August 6, 2024: Hyperbots, the cutting-edge AI in Finance Company and Accounting has secured US$2 million in a seed funding round led by Kalaari Capital and participation from Sunicon Ventures, and Athera Venture Partners. This funding will drive the expansion of Hyperbots’ go-to-market strategy and product development including the development of proprietary generative AI models for Finance and Accounting.

In just one year, working closely with over 25 CFOs, Hyperbots has developed proprietary AI Assistants, with human-like intelligence to automate manual, analytical, and strategic tasks in finance and accounting. The company is focused on US mid-markets and is gaining traction in the US, targeting firms with revenues between US$50 million and US$1 billion. Hyperbots’ platform embeds AI in all tasks for processes such as Procure-To-Pay, Order-To-Cash, and Expense Management, minimizing human involvement by 80%.

Founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, Hyperbots boasts a leadership team with a profound understanding of AI and SaaS Business. Rajeev, with his extensive experience at Wipro and a prior successful education AI startup, Funtoot which was acquired by Reliance-Jio, Chhaya, a seasoned NLP expert with 40 patents and 50 publications, and Ram Jayaraman, a veteran engineer, bring invaluable expertise to the company.

Niyati Chhaya, the Co-Founder, highlights the immense potential of developing human-like intelligence for Finance and Accounting. “We envision Hyperbots’ transformer-based proprietary models for processing documents like invoices, bills, purchase orders, contracts, and data-driven automated prediction techniques for financial decision making, will help achieve over 80% straight-through-processing of otherwise completely human operated processes. With the support of our partners like Kalaari, Sunicon, and Athera, we are poised to revolutionize the finance operations for US mid-markets,” remarked Niyati.

Sampath P from Kalaari Capital commented, “Globally, automating functions that pertain to the CFO’s office, remains a challenging and complex endeavor. With proprietary foundational IP and a clear focus on building a vertical finance model, Hyperbots is set to transform the landscape of finance and accounting. We are excited to partner with Rajeev, Niyati, Ram and the entire team, and are looking forward to supporting them on this journey.”

Saloni Jain from Sunicon Ventures expressed, “We are thrilled to invest in Hyperbots. Building their product from the ground up with CFOs demonstrates a deep commitment to practical, user-focused innovation. The talented team at Hyperbots gives us confidence in their ability to lead the future of financial technology. We look forward to witnessing their revolutionary impact on the finance industry.”

Rutvik Doshi from Athera Venture Partners said, “It is a pleasure to invest a second time in a venture led by Rajeev. We believe strongly in this team, and its ability to execute the hypothesis of transforming the CFO office through modern AI innovations.”

The AI platform, trained on millions of accounting documents and transactions is set to enhance its capabilities in other finance functions. The AI assistants are designed for seamless integration with popular ERP, CRM, and other applications, enabling CFOs to optimize financial operations with ease.

New ISACA AI courses examine the technology’s intersection with audit, ethics and business enablement

Bangalore, India (5th August 2024)—Sixty percent of respondents to ISACA’s recent 2024 AI Pulse Poll believe AI will have a positive impact on audit/assurance in the next year—the highest number compared to other domains like risk, compliance, security, IT strategy/governance, and privacy. With AI holding significant potential for the IT audit profession, ISACA has launched an introductory course to AI for auditors, alongside other new online, self-paced AI courses on ethics and machine learning for business enablement, as part of its expanding AI education offerings.

The research also revealed some uncertainties around AI. Thirty-nine percent of respondents believe that AI will have a negative impact on privacy as a professional domain in the next year. Additionally, 20 percent of respondents indicate they are not at all confident in their ability to detect AI-powered misinformation; the same percent echoed this lack of confidence in their organizations’ abilities. When asked who is responsible for or oversees the usage of AI within their organization, one in five say they are not sure.

However, with 23 percent of respondents saying their organization is considering increasing those AI jobs and 5 percent saying they will need AI training within two years to help them retain their roles or advance their careers, education and training will be essential for professionals to keep pace.

The new courses, which can be accessed through ISACA’s online portal at the learner’s convenience and offer CPE, include:

• Introduction to AI for Auditors—Instills essential AI concepts relevant to auditing, delving into specific AI techniques, AI-powered tools and systems, and ethical considerations as they relate to audit.
• Ethical Perspectives in AI: Implications, Principles, and Social Dynamic: Examines the ethical consequences associated with AI use, the ethical principles that should be considered in the development and adoption of AI, and the impacts AI could have on society.
• Machine Learning for Business Enablement—Explores how to effectively evaluate machine learning solutions, better assess risk, and aid responsible adoption, preparing professionals to better support enterprise adoption and use.

“As AI continues to impact professions across many fields in a rapid and unprecedented way, those from auditors and cybersecurity managers, to risk analysts and privacy professionals will need to understand the technology, as well as its applications and impact as it pertains to their work,” said Shannon Donahue, ISACA Chief Content and Publishing Officer. “Digital trust professionals at all career stages should explore the range of tools at their disposal to stay informed and relevant when it comes to emerging technologies, to both expand their knowledge and futureproof their careers.”

These follow the recent launches of additional courses AI Essentials, Auditing Generative AI: Strategy, Analysis and Risk Mitigation, and AI Governance: Principles, Strategies and Business Alignment.

They join additional AI-focused resources from ISACA, including:

• Artificial Intelligence: A Primer on Machine Learning, Deep Learning, and Neural Networks
• Artificial Intelligence Audit Toolkit
• Using the Digital Trust Ecosystem Framework to Achieve Trustworthy AI
• An AI acceptable use policy template (one of 15 IS/IT policies available in ISACA’s Policy Template Library)

To learn more about these courses, including pricing, key learning outcomes, and CPE, visit www.isaca.org/resources/artificial-intelligence#2. To access content and other ISACA resources around AI, visit www.isaca.org/ai.

Mumbai; August 06^th, 2024: SBI General Insurance, one of India’s leading General Insurance companies, has reported a robust growth of 32% in the first quarter of FY 24-25, resulting in a Gross Direct Premium (GDP) of INR 2,603 crore. This growth rate significantly outperforms the industry average for the same period, underscoring SBI General’s strong market position and growth trajectory.

The Company’s impressive performance is reflected in key financial metrics. The Profit before tax stood at INR 244 crores, with a growth of 159% as compared to last year’s Q1 FY 23-24. The solvency ratio stood at 2.21, well above the regulatory requirement, demonstrating strong financial stability. SBI General has further strengthened its foothold in the private insurance sector, achieving a market share of 5.41% amongst private players (including SAHI), up from 4.82% in the same last year, while our market share among multiline private insurers (excluding SAHI) stands at 6.54% in Q1FY25.

In Q1 FY 24-25, the Company’s growth was primarily driven by strong performance in the Motor, Fire, and Personal Accident segments.

Commenting on the Company’s performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We are thrilled to announce an impressive 32% growth in Q1 FY 24-25, reflecting our strong business strategy and customer-focused approach. Our results reflect our commitment to sustainable and profitable growth for stakeholders. We remain dedicated to maintaining our growth momentum and delivering value to our stakeholders through innovative, customer-centric insurance solutions. Our commitment to innovation and digital expansion ensures we meet the evolving needs of our customers. Our robust Q1 performance lays the foundation for sustained growth throughout FY 24-25. We will leverage our extensive distribution network and strategic partnerships to enhance insurance penetration, supporting IRDAI’s vision of Insurance for all by 2047.”

SBI General Insurance continues to build on its diverse product portfolio and extensive distribution network, positioning itself for sustained growth and increased market share in the coming quarters.

Mumbai, August 06, 2024: Lockton, the world’s largest independent insurance brokerage firm, has today announced the appointment of Mr. Amit Agarwal in the dual capacity of Chief Operating Officer and Chief Financial Officer for its India operations. This strategic appointment highlights Lockton India’s commitment to strengthening its leadership team and expanding its presence in the region.

With over 18 years of career spanning across several prestigious organizations, including Tata, KPMG, ZEE, Jana Bank, and Indiabulls, Amit Agarwal brings with him a wealth of experience to Lockton. His expertise in strategic initiatives, mergers and acquisitions, and attracting foreign direct investment is well-established. Amit’s strategic planning has been crucial in fostering both domestic and international growth opportunities. He has a proven track record in building high-performing teams and overseeing audits for major financial institutions such as ICICI, Citi, and Standard Chartered. Notably, he was instrumental in Indiabulls’ foray into the insurance sector. His outstanding contributions have earned him numerous accolades, including the Global Inspirational Leader 2023, multiple CFO of the Year awards, Innovative CFO In Business Partnerships, and the Financial Express Influencer of the Year.

Commenting on the appointment, Dr. Sandeep Dadia, CEO, Lockton India, said, ” We are thrilled to welcome Amit to our leadership team. Amit’s proven expertise in financial management, coupled with his deep understanding of the Indian insurance landscape will deliver exceptional value to Lockton India. We are excited about the impact Amit will make as we continue to drive excellence in the organization”

Mr. Amit Agarwal, COO & CFO commented, “Lockton’s commitment to innovation and excellence in the insurance sector is truly inspiring. I look forward to contributing to the company’s strategic goals and working with the talented team to achieve our shared vision. This role presents an exciting opportunity to leverage my experience in new ways and support Lockton’s continued success.”

About Lockton:

What makes Lockton stand apart is also what makes us better: Independence. Lockton’s private ownership empowers its 11,700+ Associates doing business in over 140 countries to focus solely on clients’ risk, insurance and people needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. For more information, visit www.lockton.com

Bangalore, July 29: Cashfree Payments, India’s leading payments and API banking company, announced that it has become the first payment service provider to receive the Reserve Bank of India’s Payment Aggregator license for cross-border payments, for both imports and exports. This approval allows the company to extend its cross-border payment solutions to Indian exporters, freelancers, global businesses, regulated entities, etc, to enable them to collect and make payments.

On the development, Akash Sinha, Co-founder & CEO, of Cashfree Payments said, ”With the Payment Aggregator-Cross Border (PA-CB) license, we are now well-positioned to support global businesses and globally regulated entities collecting payments in India. The license also enables us to offer Indian exporters and freelancers cross-border payment solutions. This license will foster international trade and economic growth while building a robust cross-border payments ecosystem in India.”

Cashfree Payments’ International Payment Gateway enables merchants to accept payments from 180 countries and 30 currencies worldwide via cards, PayPal, ACH and other local payment methods on their websites or through payment links, instead of doing expensive wire transfers.. Additionally, international merchants and foreign websites can collect money from Indian consumers via UPI, bank transfers, and cards.

In December 2023, Cashfree Payments secured RBI Payment Aggregator license, becoming one of the first few players to receive it. It processes transactions worth USD 80+ billion annually and is used by over 6,00,000 businesses for digital payment solutions.. The company has been at the forefront of redefining the way businesses approach digital payments, onboarding and payouts through its wide range of tech-first offerings. Over the last few months it has introduced industry-first products like FlowWise for payment orchestration, KYC Link, Risk Shield for fraud monitoring and more. Outside of India, Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.

• Continental is expanding its spare and wearable parts business and entering additional product categories, including sensors for advanced driver assistance systems
• Focus on sustainability: multi V-belts with sustainable materials and improved environmental compatibility
• Enno Straten, head of Automotive Aftermarket at Continental: “Tackling the challenges of tomorrow’s mobility together and helping service companies seize opportunities”

Frankfurt, Germany, July 24, 2024. Mastering new technologies and enabling sustainability are two of the key themes of Continental’s presence at this year’s Automechanika trade fair in Frankfurt, where the company’s motto will be ‘Shaping Tomorrow. Together!’ The technology company is significantly expanding its original equipment product range and, at the same time, enters additional product categories. New additions to the aftermarket portfolio include sensors for advanced driver assistance systems, such as various radar and camera modules. For wearable parts, the focus is on greater sustainability and environmental protection with maximum performance: world premieres include the first production-ready multi V-belts, for which renewable and recycled materials are used. Continental will also showcase further product innovations from Continental’s premium brake brand ATE for greater sustainability. In Frankfurt, Continental will also be the first manufacturer to present a production tire with a high share of sustainable materials. With up to 65 percent renewable, recycled and mass balance certified materials, the UltracContact NXT combines a remarkably high share of sustainable materials with maximum safety and performance. Numerous other innovations can be seen at booth FOR.0 A03 from September 10 to 14.

“New technologies, digitalization and a cross-industry trend towards greater sustainability pose huge challenges for workshop business partners and retailers,” says Enno Straten, head of the Automotive Aftermarket business segment at Continental. “At Automechanika, we want to show that our partners can rely on our expertise as a premium supplier and on our services. Together with them, we want to tackle the challenges of tomorrow’s mobility and help them seize opportunities. This positive spirit is expressed by our tagline ‘Shaping Tomorrow. Together!”

• Continental’s Technical Center India won awards in two categories: Unlocking Center Value and Great Place to Innovate
• Zinnov Awards celebrates global impact by honoring technology leaders pushing the boundaries of innovation and excellence within the Indian GCC ecosystem
• Latha Chembrakalam, Head of Continental’s Technical Center India said, “These awards reflect our firm commitment to leveraging our Engineering, Research, and Development (ER&D) centers‘ capabilities to drive innovation and create a dynamic environment where creativity flourishes.“

Bengaluru, July 23, 2024: Continental’s in house R&D center, Technical Center India achieved a remarkable double win at the 15th edition of the Zinnov Awards 2024 under two categories: Unlocking Center Value and Great Place to Innovate. These awards highlight Continental’s commitment to driving innovation, enhancing business performance, and nurturing a culture of creativity and innovation within its Engineering, Research, and Development (ER&D) centers, shaping the future of mobility.

This year, the awards saw more than 470 nominations from over 200 companies across 9 categories focused on Innovation, Customer Centricity, Excellence, and Intrapreneurial Leadership. A panel of fifty industry experts was set up who rigorously evaluated the award entries over two months to select the winners. The Zinnov Awards acknowledge the Titans in Technology – both individuals and organizations from the Indian GCC ecosystem. The platform not only celebrates visionaries and change makers who have been creating an impact on a global scale but also honours individuals pushing the boundaries of innovation and excellence. These awards document the stories of influential leaders, from established players to rising stars.

Speaking on the award win, Latha Chembrakalam, Head of Continental‘s Technical Center India (TCI), said, “It is an immense honor for Continental to be recognized in the categories of Unlocking Center Value and Great Place to Innovate. These awards reflect our firm commitment to leveraging our Engineering, Research, and Development (ER&D) centers‘ capabilities to drive innovation and create a dynamic environment where creativity flourishes. At Technical Center India, we constantly strive to push the boundaries of technology and innovation and set new standards for excellence. This recognition is also a testament to our commitment to fostering a culture of innovation and creativity.”

Unlocking Center Value

Continental’s Technical Center India has been recognized by Zinnov for the Company’s outstanding ability to unlock the value of its ER&D centers. This esteemed award highlights the center’s strategic use of its ER&D capabilities to drive innovation, enhance business performance, and improve operational efficiency. As a global leader in automotive and technology, Continental is dedicated to leveraging its ER&D centers to achieve outstanding results and shape the future of mobility.

Great Place to Innovate

This recognition validates Continental’s dedication to nurturing a culture of innovation and creativity. At Continental’s Technical Center India (TCI), innovation is seen as the key to success. The company strives to create an environment where employees can explore new ideas, take risks, and push boundaries. This award acknowledges Continental’s efforts in creating a workplace that cultivates and encourages innovative thinking.

About Technical Center India (TCI)

Set up in 2009, TCI, with a strength of approximately 7,000 engineers, is one of the company’s major R&D locations organized under the Holistic Engineering and Technologies organization (he[a]t). TCI supports both global and local R&D for the company’s Automotive Technologies group sector. It is also the Global Software Center for Excellence and the HQ of the Global Software Academy. India has emerged as the Regional R&D Center, Asia Application Hub apart from tailoring solutions for the local market. The center is developing competence centers on areas such as Artificial Intelligence, Machine Learning and Cyber Security for preparedness for the future of mobility. TCI has built competencies across automotive domains and has an engineering workforce focused on multiple domains, covering advanced safety technologies, autonomous driving technologies, connected mobility, and so on.

• Continental showcases key solutions in the areas of intelligent services and software-defined commercial vehicles, safe and sustainable road transport, and autonomous commercial vehicles
• High-performance computers and software along the entire ecosystem: Providing the computing power to process vast amounts of data
• Intelligent services for efficient fleets: Continental’s tire management solutions come in two new iterations as Lite and Pro version
• Tough RuNR air spring, new sustainable bus tire, and highly efficient truck tire: Improving sustainability in road transport with material expertise
• Planned start of production in 2027: Developing the world’s first scalable autonomous trucking system

Hanover, Germany, July 22, 2024. “Innovating Transportation – From Road to Cloud!” is Continental’s tagline for this year’s IAA Transportation from September 17 to 22. In Hanover, Germany, the technology company will present its broad portfolio of commercial vehicle solutions. Amongst them: cutting-edge hardware such as high-performance computers (HPC); software and advanced driver assistance system (ADAS) functions that define the vehicle of the future; comprehensive services that increase safety and compliance; and innovative truck and bus tires and air springs that improve sustainability and efficiency of the transportation industry. Also on display: a development truck, set up in collaboration with the company’s partner Aurora, that incorporates many of the solutions for the autonomous commercial vehicle of the future.

At Continental’s booth C41 in hall 12, trade fair visitors will be able to experience the company’s latest solutions for commercial vehicles and the transportation industry and to get to know the experts behind them in person.

Enabling intelligent services and software-defined vehicles

To tackle the need for greater efficiency, the transport industry is rapidly becoming digitalized. With seamless connectivity functions and software-defined architectures, Continental enables the use of real-time data-driven services that increase process automation and efficiency, reduce costs and downtimes and comply with legal requirements.

At IAA Transportation 2024, Continental will present cutting-edge HPCs and software alongside a complete ecosystem spanning from the road to the cloud, enabling the software-defined vehicle (SDV) as well as autonomous driving functions. These include a high-performance computer for the commercial vehicle cockpit and a cross-domain zone control unit, which integrates the power supply for cockpit and ADAS components. In addition, the technology company will showcase its Automotive Edge framework CAEdge, a cloud-based development environment which facilitates efficient, safe, and rapid development and testing of vehicle software. CAEdge is the base for several pre-development projects the company is currently working on with various OEMs to design the commercial vehicle architecture of the future. Amongst the intelligent services presented in Hanover that use real-time data to increase process automation and efficiency will be two new iterations of Continental’s ContiConnect digital tire management solutions: ContiConnect Lite, a mobile only solution with which customers can benefit from many advantages of data-supported tire monitoring, quickly and cost-effectively. Data of tire sensors is transferred via Bluetooth. And ContiConnect Pro, the all-encompassing solution for digital tire management and prediction services, providing a comprehensive overview of the fleets’ tire health, including alerts and the display of data in a web portal and mobile app.

Improving road transport sustainability

The pressure on the road transport industry to become more sustainable has increased – new regulations, rising fuel prices and increasing social and environmental awareness all play a role here. Continental is driving the ongoing transformation of both vehicle manufacturers and fleets towards a healthy ecosystem for sustainable mobility, providing material-driven innovations based on 150 years of experience with rubber and synthetics that create economic and ecological value for all stakeholders.

At IAA Transportation 2024, Continental will provide tangible evidence how it utilizes material competence to support the transport industry in reducing its impact on the environment, e.g. with the Tough RuNR air springs. In this product, the company’s material experts have substituted synthetic rubber with natural rubber that has been improved by a high-performance ethylene-propylene-diene rubber (EPDM). By doing so, the rubber compound’s carbon backpack is reduced by more than 50 percent while achieving the same product performance. Continental will also highlight how the use of recycled materials, improved recyclability of materials or the use of bio-based materials will improve the environmental impact of air springs in the future. Also on display: innovative technological solutions for the new energy vehicle (NEV) such as thermal-management for battery-electric and hydrogen-powered vehicles. At its pre-series stage is Continental’s newest bus tire that not only boasts a very low rolling resistance, but also combines a high share of recycled, renewable and mass-balanced certified materials and is also EV-compatible.

Empowering autonomous transport solutions

Autonomous technology has the potential to increase road safety and make the transport of goods more efficient, mitigating major global supply chain challenges like the ongoing driver shortage. Continental continues to drive forward the introduction of autonomous technology to the market with its ADAS solutions and wide sensor portfolio, key enablers for automated functions and autonomous vehicles. Through an exclusive partnership, Continental and Aurora are developing the world’s first scalable Level 4 autonomous trucking system with a planned start of production in 2027.

At IAA Transportation 2024, Continental will provide deeper insights into its progress with Aurora to develop and manufacture an automotive-grade Level 4 autonomous system at scale. After finalizing the design and architecture of the Aurora Driver hardware and a future fallback system earlier this year, Continental will present the new industrial fallback system. It is a specialized secondary system that can take over operation if a failure occurs in the primary system, e.g. a key component or sensor breaks or fails.

Supporting road transport safety

In a world of increasing transportation demands, road safety is a top priority. While governments and regulatory bodies are continuously implementing stricter safety standards and regulations for commercial road transport, Continental is committed to providing OEMs with turnkey solutions that make their trucks compliant for European roads, from radar sensors, cameras, and safety systems to intelligent and connected compliance devices.

In this context, two intelligent global tachograph solutions will be part of Continental’s exhibition, contributing to increased safety by helping to enforce the regulations of the EU Mobility Package and providing safe and reliable data services: the smart tachograph (V2) DTCO 4.1 and the plug-and-play solution VDO Link. Visitors to Continental’s booth can also experience a new truck tire that offers best in class energy efficiency in the market combined with outstanding braking performance.

Bengaluru, 16^th July 2024 – Altern Capital, an investment management company specialising in real estate investments, launched its maiden SEBI-approved Category II Alternative Investment Fund (AIF) named JIRAAF AU INDIA REAL ESTATE FUND – I (“JIREF I”). The target size of this fund is ₹250 Cr, with an additional greenshoe option of ₹100 Cr. AI Growth Private Limited, founded by Mr. Saurav Ghosh and Mr. Vineet Agrawal and market leader in tech-based innovative fixed-income platforms through its brands “JIRAAF & ALTGRAAF”, is the sponsor of JIREF I.

Navin Dhanuka, the founder of Altern Capital, brings extensive leadership experience spanning 21 years in real estate investments across India. Mr. Dhanuka has held leadership positions in prominent global and Indian firms such as Piramal Capital, Walton Street Capital, and Ernst & Young.

Altern Capital has been built on a robust foundation, with the senior team being led by individuals who collectively possess over 60 years of real estate experience. Their combined experience includes successful investment and management of over 150 real estate deals above ₹20,000 Cr across Pan India and over 100 successful exits. With an extensive knowledge of the market and a commendable track record, Altern Capital is poised to exert a significant influence on the real estate sector.

Altern Capital’s core strategy for their maiden fund is plotted development and last-mile funding. The fund’s strategic focus is on reducing approval and execution risk, setting it apart from its peers. The Fund’s tenor is 4 years, as opposed to the typical 6-year horizon, emphasizing early project completion, quicker visibility, and reliability of principal and returns for investors.

“Our goal at Altern Capital is to redefine real estate investment by ensuring tech-based stringent investment and post-investment monitoring and delivering exceptional risk-adjusted returns for our investors. Trust, Team Quality and Transparency are the key foundations of Altern Capital. We believe our innovative approach will set new benchmarks in the industry,” said Navin Dhanuka, Founder & CEO of Altern Capital.

The team anticipates significant deployment in plotted development across cities such as Bengaluru, Chennai, Hyderabad and Mysuru. This will be trailed by last-mile funding initiatives in Bengaluru, Mumbai, Pune and Chennai. There is a strong growing demand and quicker sales (even at the launch stage) for plotted development in Bengaluru and Mysuru This has resulted in significant interest in plotted development from all Grade A developers, including listed players, as witnessed in the last 3-4 years.