As of: February 14, 2024, 4:33 p.m
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Job cuts at Continental: Around 7,150 jobs are to be cut worldwide.
© Philip Dulian/dpa
Continental is on a cost-cutting path: jobs are being lost not only in administration, but also in research and development.
In Germany, the merger of locations is being examined.
Hanover - The Continental Group wants to cut around 7,150 jobs worldwide due to its cost-cutting efforts in the weakening automotive supply business.
This corresponds to more than three percent of the total workforce.
In addition to the measures already announced in the division's administration, the plans also affect employees in research and development, as the DAX company announced.
Around 5,400 jobs are available in the administrative areas, and around 1,750 more in the research and development network. In the Rhine-Main area, division boss Philipp von Hirschheydt is also examining the merger of locations.
Conti wants to reduce jobs gradually and in as socially responsible a way as possible.
The group had already announced extensive cost-cutting efforts in automotive supply.
According to information from November, annual costs should fall by 400 million euros by 2025 with the reduction of jobs in administration.
The company had previously announced job cuts in the mid-four-digit range.
It has been clear since an investor event in December that Conti is also spending money on research and development.
It was previously unclear how many jobs would be affected.
Investors have long been complaining that Conti not only earns little in the automotive supply division, but also spends a comparatively large amount of money on research.
In 2028, the share of research and development expenditure in the division's sales is expected to fall to nine percent.
It is currently around twelve percent.
So far, Conti had promised a value of less than ten percent as a benchmark for the medium term, i.e. over the next three to five years.
“By streamlining our research and development network, we are leveraging synergies and reducing our costs,” said Hirschheydt’s division manager.
“We are aware of the cuts for our employees and will do everything we can to find good, individual solutions together with our social partners.” The plans also affect 380 jobs at the software subsidiary Elektrobit with its German headquarters in Braunschweig.
dpa