Continental is splitting off their automotive operations to a company called Aumovio. Pictured above are Continental CEO Nikolai Setzer and future Aumovio CEO Philipp von Hirschheydt.
Setzer explained the move by saying that with growing technological requirements and ever shorter development phases, geopolitical challenges and dramatically changing supply chains, flexible and focused companies can exploit opportunities better than complex organizations.
It remains to be seen how the independent companies will fare in the future. What is certain is that the remaining Continental AG will benefit from the separation. In the past, the profitable tire division often had to compensate for the lower figures of the other divisions.
The automotive spinoff was approved as expected, with 99.95 per cent Yes votes. The spinoff is to take effect retroactively from 1 January 2025.
When asked whether even more staff would be cut in the future — the Automotive division alone recently cut 10,000 jobs and closed locations — HR Director Ariane Reinhart did not clearly answer.
In addition to its core business with sensor solutions and displays as well as braking and comfort systems, Aumovio will drive the development of modern electronics solutions, autonomous driving and software-defined vehicle technologies worldwide.
