Continental to cut over 5,000 jobs as auto sector slows
With a global downturn in car demand, tyre and car parts maker Continental has been having a rough ride.
And is now to cut 5,040 jobs by 2028 - as it pares back its engine component manufacturing.
The biggest chunk - nearly fourteen hundred - will go in its home base of Germany.
But the U.S. will lose over 700 jobs in Newport News ...
And Italy a similar number in Pisa.
It's a relatively small hit to a workforce of 240,000 ...
It is though the latest item on a roll call of misery in the industry.
BMW, Daimler and Volkswagen have all announced cost cutting plans that have helped push Germany to the edge of recession.
Nissan this month reported a 70% plunge in quarterly profit.
And Continental's sector peer Osram - also expected to cut around 800 jobs - has fallen into a full-year loss.
The backdrop: a 15-month decline in China, the world's biggest car market...
And the huge burden the shift to cleaner and self-driving technologies is putting on car makers.
In the short term, Osram said, it did not expect any recovery in global production.
