image credit: Christian A. Schröder / Wikimedia
FRANKFURT/BERLIN — Continental said it would step up cost savings after posting a drop in adjusted profit and a 1.2 billion-euro ($1.3 billion) net loss in 2019 as worldwide vehicle demand slumped.
Cost-cut plans will be presented in May because worldwide car production is expected to fall for the third year in row, by between 2 percent to 5 percent, CEO Elmar Degenhart said in a statement on Thursday. The CEO also said that forced redundancies may be necessary.
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