Continental to slash thousands of jobs

German auto parts Manufacturer Continental is planning to layoff thousands of workers in the near future, the company said Monday.

The move comes as Continental aims to cut €400 million in operational costs by the year 2025.

Though the company said the layoffs would be in the mid-four-digit range,” Continental failed to announce the exact number of employees that will be affected by the layoffs.

Continental is set to reveal its full strategic plan on Dec. 4.