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Continental to cut 5,000 jobs as demand falls for combustion engines

German auto supplier Continental on Wednesday said it would pare back its engine manufacturing activities as more stringent emissions rules threaten demand for combustion engine components, resulting in around 5,040 job losses by 2028. The global auto supplier, which employs more than 240,000 staff, has suffered from a global downturn in demand for passenger cars and a shift away from gasoline and diesel toward battery-powered vehicles. Continental said around 520 jobs will be lost w

Germany's Continental to cut thousands of jobs and close plants

Supplier sees slowdowns ahead

German automotive supplier Continental AG on Wednesday said it would cut jobs and close plants over the next 10 years as it faces a slowing global auto sector. The program will result in costs of around 1.1 billion euros (972.9 million pounds), which will mainly be incurred between 2019 and 2022, the company said after a meeting of its supervisory board. The slowdown in the auto sector has prompted profit warnings from various suppliers, including Continental, in recent months.

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