May 8, 2018 / 7:49 AM / 4 months ago

UPDATE 1-Continental says is on track to reach 2018 targets after Q1

* Continental automotive order intake reaches record

* Q1 automotive order intake reaches 11 bln eur

* Demand for intelligent auto tech to continue - CFO (Adds CFO comments)

FRANKFURT/HAMBURG, May 8 (Reuters) - Germany’s Continental AG sees itself on track to reach its recently lowered guidance for 2018 thanks to solid demand for automotive assistance, infotainment and connectivity systems which helped lift orders to a record in the first quarter.

The automotive business posted order intake of 11 billion euros ($13.10 billion), driven mainly by components and systems to help cars become safer and more intelligent, Chief Financial Officer Wolfgang Schaefer told Reuters on Tuesday.

“I am confident that we will have a strong order intake which supports our targets,” Schaefer said.

Brake systems, driver assistance technologies and vehicle displays for interiors were among the products driving demand, Schaefer said.

Continental affirmed its guidance for 2018 sales of around 47 billion euros before exchange-rate effects and a margin on adjusted earnings before interest and tax of more than 10 percent.

Continental will provide a strategic update about its plans to implement a new structure by mid-year, Schaefer said, declining to provide further details. ($1 = 0.8398 euros) (Reporting by Edward Taylor and Jan Schwartz Editing by Maria Sheahan)

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