The chief financial officer of auto-parts and tire maker Continental told CNBC Wednesday he is cautious about the outlook for the U.S. autos sector, as the company posts positive half-year results.
According to the company's report, there was only a 1 percent increase in new car registrations in the U.S. in the first half of 2016 and the company anticipates a decline in demand for cars in second half of the year.
"Our expectation for the second-half of the year is that production is a little bit below the first half of the year, which is still on a very high level, but its growth rate definitely will not be there forever as we have seen in the last quarter and half-year in the U.S.," Wolfgang Schäfer, CFO of Continental, told CNBC.
In the second quarter, the company's earnings before interest and tax rose to 1.3 billion euros ($1.46 billion) and net profits of 904 million euros, beating expectations. As a result of the strong figures, the company raised its full-year earnings guidance. Schafer was pleased with the results.
"The second quarter was a good quarter for us. We continued this nice run which we had in our tire business again, with high volume growth," he said.
"After a weaker first quarter, the second quarter was fulfilling expectations."
Schafer also shared his views on the rise of autonomous and semi-autonomous vehicles and how soon they may come to market.
"Our existing customers are very much embracing these technologies. They are cautious in introducing products which are not yet safe and right, but they are going for autonomous functions for automatic driving, they are moving in the direction of the electric car," he said.
"Everyone is very intensely working on it, not only us."