Continental to Eliminate Jobs, Cut Costs in Shift to E-Cars
- Auto supplier weighs options for combustion-engine businesses
- CEO sees ‘very challenging’ markets, talks with labor reps
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Continental AG plans to eliminate jobs and may sell some combustion-engine component businesses, deepening an overhaul at the German automotive supplier caught up in the disruptive industry shift to battery-powered vehicles.
The reductions could affect positions globally, Chief Financial Officer Wolfgang Schaefer said in an interview. He declined to discuss numbers or potential restructuring costs because negotiations with unions are underway. The world’s second-biggest auto-parts maker employs about 244,000 people in 60 countries.