Continental job cuts
【Summary】Automotive company Continental plans to cut thousands of jobs as part of a cost-cutting and restructuring effort. The goal is to achieve annual cost savings of €400m by 2025. The company aims to create leaner business structures and quicker decision-making processes by streamlining its organizational structure from six to five business areas. The exact number of job cuts is yet to be determined but is expected to be in the mid four-digit range.
Continental has announced its plans to cut thousands of workers as part of cost-cutting and restructuring measures aimed at achieving annual cost savings of €400m by 2025. The company aims to create leaner business and administrative structures worldwide, as well as faster decision-making processes. As part of the streamlining process, the company's organizational structure will be reduced from six to five business areas.
To streamline the Automotive business structure, the Smart Mobility business area will be dissolved and consolidated into five business areas instead of the previous six. The new business areas will be Architecture and Networking, Autonomous Mobility, Safety and Motion, Software and Central Technologies, and User Experience. The Commercial Vehicle, Automotive Aftermarket, and Actuator business will be reallocated within Automotive.
Continental has not yet determined the exact number of jobs that will be affected globally but expects it to be in the mid four-digit range at Automotive. The company is committed to implementing all measures as socially responsible as possible. The Automotive sector is also exploring additional measures to increase efficiency in the R&D area. A comprehensive strategy update for the sector will be provided at Continental's Capital Markets Day on December 4, 2023.
Philipp von Hirschheydt, Executive Board Member at Continental and Head of Automotive, stated that the goal is to create a sustainably profitable sector that can invest in its future from its own resources. The adjustments to the structure will allow the company to bring technology solutions to areas with synergies, enabling better responsiveness to market requirements. The initial measures are crucial for improving the competitiveness of the Automotive sector, and the company will continue to implement them step by step while simplifying structures and reducing functions.
In 2022, Continental achieved sales of €39.4 billion and currently employs approximately 200,000 people in 57 countries and markets.
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