By Nina Kienle and Andrea Figueras
Continental said it would cut around 3,000 research-and-development jobs in its automotive segment because of a challenging market environment.
The German car-parts company on Tuesday said the cuts amounted to around 10% of its global research-and-development jobs. Less than half of the job cuts will be in Germany, it said.
The cuts are to be implemented through processes like retirements and focus on internal hiring, it said.
"These latest measures are necessary and in part due to the dynamic and challenging market environment as the industry is undergoing a major transformation toward future technologies," it said.
In December last year, the company said it aimed to list its automotive unit on the Frankfurt stock exchange by the end of 2025, months after carrying out a review of the business.
Continental's job cuts come a year after France's Forvia, one of the world's largest auto parts suppliers, said it was cutting up to 10,000 jobs in the midst of a global automotive shift to electric vehicles.
Several European carmakers and suppliers have warned about waning demand as the industry struggles with a sluggish electric vehicle market and fierce competition from Chinese rivals.
More recently, German car-parts supplier Robert Bosch outlined plans to cut up to 5,550 jobs, while Michelin and Schaeffler said they planned to close factories and reduce thousands of jobs in Europe, which together equal nearly 6,000 positions.
Write to Nina Kienle at nina.kienle@wsj.com and to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
February 18, 2025 11:41 ET (16:41 GMT)
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