Continental plans to cut 3,000 jobs and spin off its automotive business

German supplier Continental plans to cut 3,000 jobs, or 10% of its R&D workforce, in its research and development division. The decision will be implemented by the end of 2026, with less than half of the layoffs in Germany. This is on top of Continental's already announced restructuring plan to cut 7,000 jobs. The company also plans to reduce its R&D investment ratio to below 10% by 2027. Despite the downturn in the auto industry, Continental still plans to spin off its automotive business unit by the end of this year and is preparing for weak sales in the unit.