Continental to slash 5,500 jobs globally by 2028 to save 500 million euros

Continental on Wednesday confirmed it would slash some 5,500 jobs worldwide by 2028 as the German car parts giant seeks savings of 500 million euros annually to confront a stuttering global car market and weaker demand for combustion engines.

The jobs cull would support Continental's "urgently needed technological transition and thus the strengthening of our competitiveness and future viability", CEO Elmar Degenhart said in a statement.