Continental, a major German auto parts supplier, announced it will cut 3,000 jobs in its automotive division by 2026, largely due to declines in Germany's automotive sector and the closure of its Nuremberg plant. Despite previous cost-cutting measures, the company anticipates falling short of financial targets. However, it plans to continue significant investments in research and development to enhance competitive strength and sustain market success. Employee representatives are concerned about potential restructuring amidst these layoffs, emphasizing the unsustainable nature of such extensive cuts.
The company said it plans to be as socially responsible with the layoffs as possible, mainly by not replacing employees who retire or quit.
Continental's top executive for the automotive division, Philipp von Hirschheydt, emphasized that forward-looking technology offerings are crucial for the company's survival and competitiveness.
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