Continental to Cut Thousands of Jobs in Automotive Division

Restructuring Aimed at Saving €400 Million Annually from 2025; Exact Number of Job Cuts Unclear

German car parts manufacturer Continental plans to cut thousands of jobs worldwide in its Automotive division as part of a plan to save €400 million ($428 million) a year from 2025.
The exact number of job cuts is unclear, but reports suggest they could number around 5,500, with more than 1,100 of these at the company's 30 locations in Germany.
The cuts come amid reports of a potential restructuring and sell-offs, with CEO Nikolai Setzer considering a change in ownership of the company's ContiTech division.
The company plans to simplify and streamline its business and administrative structure, reducing the number of business areas within the Automotive division from six to five.
Continental will provide a full strategy update at its capital markets day on December 4.