Continental to Cut Thousands of Jobs in Automotive Business Division

By Ed Frankl

Continental, the German auto-parts maker, announced on Monday its plans to restructure its automotive business division in order to save hundreds of millions of euros annually. The company aims to save approximately 400 million euros ($427.4 million) starting from 2025 through these planned changes.

The exact number of job cuts has yet to be determined; however, it is anticipated to be in the "mid four-digit range" within the automotive segment, according to Continental.

As part of the restructuring, Continental will dissolve its smart-mobility business area and consolidate the structure of the automotive business into five areas, as compared to the previous six.

The company also intends to take additional steps to enhance competitiveness in the auto segment and improve efficiency in its research-and-development operations. Further details about these measures will be provided on December 4th during the company's capital markets day.

"These measures increase efficiency and effectiveness and strengthen our competitiveness," stated Philipp von Hirschheydt, Continental's executive board member and head of automotive.