Continental to cut 7,150 jobs amid global EV transition

(Sharecast News) - German automotive supplier Continental revealed plans to cut 7,150 jobs worldwide by 2025 on Wednesday. The company, known for tyres and supplying other components to automakers, said 1,750 of the affected positions would come from its research and development sector, AFP reported.

Additionally, around 5,400 jobs would be axed as part of a previously-announced cost-cutting initiative aimed at saving €400m.

In a statement, Continental's automotive chief Philipp von Hirschheydt said the company was committed to mitigating the impact on affected employees.

"We are aware of the impact on our employees and will do everything we can to find good, tailored solutions," he said.

The restructuring was geared towards enabling Continental to redirect its resources towards the future technologies, particularly as electric vehicles became more software-defined.

Reporting by Josh White for Sharecast.com.