Trading in Continental's struggling auto parts division got off to a slow start Thursday as it was listed on the Frankfurt stock exchange, the latest upheaval in Germany's car industry.

Shares in the new firm Aumovio, which makes components including braking systems, sensors and displays, started trading at around 35 euros each ($41), valuing the company at some 3.5 billion euros.

But this was below analyst expectations for a valuation of up to five billion euros.

Aumovio CEO Philipp von Hirschheydt hailed a "bold new chapter" as he rang the bell at the Frankfurt Stock Exchange to mark the start of trading.

The new entity will be "smaller... but significantly faster," he said.

He acknowledged that "markets are tough, growth is uncertain" but insisted that Aumovio could be "the driving

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