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German auto parts maker Continental plans to cut thousands of jobs worldwide as it implements plans to save 400 million euros a year from 2025. The number of layoffs is expected to be in the mid-four digits and could involve 5,500 people, more than 1,100 of whom are in Germany.
The company will disband the smart mobility department, reduce the automotive division’s business groups to five, and improve efficiency by streamlining the commercial and administrative structure. This move is in response to declining profits in the automotive sector. Continental is considering spinning off its self-driving business or inviting partners to cooperate. The company plans to provide a full strategy update at its Capital Markets Day on December 4.
(Source: Oriental Daily Picture source: freepik)
