Continental, a leading German auto parts supplier, announced significant layoffs and the closure of its Nuremberg plant due to the downturn in the automotive sector. The company will eliminate 3,000 positions in its automotive division by 2026, with the majority of cuts in Germany. Despite previous efforts to reduce costs and improve competitiveness, Continental stated it would not meet financial targets. However, the firm assured continued investment in research and development while negotiating the layoffs with employee representatives amid concerns of deeper restructuring within the company.
"Forward-looking technology offerings are of crucial importance to our company," said Philipp von Hirschheydt, emphasizing the need for innovation even amid cuts.
Michael Iglhaut, head of Continental’s General Works Council, expressed concern, stating, "We are deeply concerned that the deep cuts in automotive research and development will escalate into a comprehensive restructuring."
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