Auto Parts Maker Continental Slashing 5,000 Jobs Citing Transition To Electric Mobility

Continental AG (ETR: CON), the German auto parts giant, has announced that it will phase out over 5,000 jobs across various production plants in Germany, the U.S. and Italy, citing several reasons including the industry's accelerated transition to electric mobility and the profitability of autonomous and connected driving. The organizational restructuring will affect manufacturing plants in Roding, Limbach-Oberfrohna and Babenhausen in Germany, Virginia in the U.S., and Pisa, Italy. This apart, Continental's supervisory board will convene again with the local works council in Rubí, Spain, to discuss the future prospects of the location's manufacturing plant.

from Yahoo Finance https://ift.tt/2reSrwG