Thousands to be laid off
German-based tire and automotive parts manufacturer Continental has announced that it will lay off thousands of employees in its automotive division as part of a cost-saving plan.
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In a statement from Continental, it was noted that the company plans to save 400 million euros annually in costs starting from 2025.
The statement indicated that to achieve this, the company is developing a wide range of measures covering all units and all levels, including layoffs, while emphasizing that the exact number of layoffs has not yet been determined.
Philipp von Hirschheydt, the Executive Board member responsible for Continental's automotive division, emphasized in his assessment of the matter that the measures are important for strengthening the competitiveness of the automotive sector, stating, "For this reason, we are looking at all functions and processes, from sales to research and development and production, with an open mind to significantly increase efficiency and effectiveness."
Reports in the German press claimed that the number of planned layoffs in Continental's automotive division could be around 5,500, with more than 1,100 of these occurring at the company's 30 locations in Germany.
As of the end of 2022, the group employs 200,000 people in 57 countries.