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German autoparts maker Continental AG Monday announced its plans to cut thousands of jobs in its automotive unit as part of its efforts to strengthen the sector's competitiveness.
The exact number of job cuts was not immediately clear, but it will amount to the "mid-four-digit range", the company said. The news comes amid ongoing reports that Continental plans a restructuring and potential sell-offs, with CEO Nikolai Setzer saying in September he was considering a change in ownership of the company's ContiTech division.
Continental, a leading automotive technology company, is taking significant steps to enhance the competitiveness of its Automotive sector.
The job cuts are part of a plan to save €400m a year from 2025
German autoparts maker Continental AG Monday announced its plans to cut thousands of jobs in its automotive unit as part of its efforts to strengthen the sector's competitiveness.