German car parts supplier Continental to cut thousands of jobs Zainal Abidin, 31/07/2024 Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter. Continental has announced thousands of job cuts as an “initial” step towards improving competitiveness, as one of the world’s largest suppliers to the car industry battles to remain competitive in the electric vehicle era. The German group on Monday said measures designed to save €400mn annually would affect a “mid four-digit range . . . across all parts and all levels” of the 100,000 people employed by its automotive division, which makes up roughly half of the company’s total workforce. Philipp von Hirschheydt, the company’s new head of automotive, referred to the cuts of “administrative” roles in sales, research and development as well as production as “initial measures”, opening the door for potential further cuts. Continental in 2019 warned that 30,000 of roles would disappear within the next 10 years, as the company needed to invest in the expensive transition to electric vehicles — nearly 10,000 people have since left the company. An additional 10,000 jobs are still under review as part of that particular cost-cutting program. The company has, alongside other suppliers, been hit by the chip shortage that … Continue Reading