German Auto Parts, Inc. CEO Jens Reichert said Wednesday that the company will remain open.

“It is not going away, it’s going to be there and growing,” Reichers said on CNBC.

“We have a lot of partners that want to invest in us.

It’s the right time for us.”

Reichers also said the company would continue to support its partners in the automotive sector.

He also said he expects the company to report full-year earnings in September.

Reicherts comments came after CEO and co-founder of German AutoParts, Wolfgang Neuwirth, was asked about the closure of the company by CNBC’s Jim Cramer.

In a conference call with investors on Tuesday, Neuwalth said the decision was not based on cost reduction or revenue reduction, but rather to protect the future of our business.

He added that it is not possible to reduce our costs.

Reiches comments about the future comes after German Autoparts CEO Werner Jorgensen told CNBC earlier this month that the loss in revenue due to the closure was too big to be sustained for the foreseeable future.

Reid: What happens now for German AutoPartners?

Read moreReicths comments came as he spoke about the company’s ongoing discussions with potential investors.

Reiches said that they will continue to engage with potential new investors.

He said that the future is bright and that the prospects for German auto parts remain strong.

Reich: What’s next for German?

Read MoreReiche’s comments came a day after German-based auto parts company Audi said it would suspend its partnership with German auto maker BMW after a separate report indicated that BMW’s chief executive was on the brink of being fired over the company failing to disclose a massive $1.2 billion loss in the United States last year.

The suspension of the partnership comes as the company faces mounting pressure from regulators over its handling of its diesel emissions scandal.

The scandal erupted last summer when it was revealed that Audi’s diesel emissions were worse than those of other large automakers.

Audi said last week that it would pay $1 billion to settle charges by the U.S. Justice Department.

Reig: German automakers should be more transparent about emissions.

Reiger: Germany needs more disclosure on emissions.

Read moreEarlier this month, Reiche said that German carmakers have the “most competitive market in the world” but that the market could be “challenging.”

Reich wrote in an email to CNBC that the German auto industry is “a very strong market, with good quality, good vehicles, good customers, and excellent products.”

Reis: The big automakers need to be more open about the emissions scandal and make better decisions on emissions in the future.

Read More”Our biggest challenges will be in the next few years,” he said.

Tags: