The German group Continental AG, which also has a strong presence in Romania, will reduce its global workforce by 7,150 people, which means almost 4% of the total number, writes Bloomberg. Continental AG is one of the largest manufacturers of automotive components.
The changes are made to improve business efficiency in a context where the transition to electric vehicles is difficult, as is the transition to increasingly digitized vehicles.
5,400 administrative positions and 1,750 in research and development will be eliminated. About 4 out of 10 exclusions will be aimed at work in Germany.
There are also plans to merge some units of Continental AG in Germany, including the research and development department, which is expected to cut costs.
Possible partnerships, creation of joint companies or sales for some segments of the automotive division are also analyzed.
In 2023, Continental AG announced that it intended to save 400 million euros annually starting in 2025 and hinted that several thousand people could be laid off. The head of the group then said that “it will do everything to fix the automotive division.”
Photo source:
Dreamstime.com
Source: Hot News
Ashley Bailey is a talented author and journalist known for her writing on trending topics. Currently working at 247 news reel, she brings readers fresh perspectives on current issues. With her well-researched and thought-provoking articles, she captures the zeitgeist and stays ahead of the latest trends. Ashley’s writing is a must-read for anyone interested in staying up-to-date with the latest developments.