Continental AG

Structure

In 2015, the concern consisted of five divisions:

• Chassis & Safety,
• Interior,
• "Powertrain,"
• Tyres and
• ContiTech

History

2024: Cutting a further 7,150 employees in the automotive division

On February 14, 2024, it was announced that Continental was cutting about 7,150 positions in its struggling automotive division to reduce costs and make the business more competitive in a comprehensive transition to electric vehicles.

2023

Reduction of thousands of employees in the automotive division

German auto parts maker Continental on November 13, 2023 announced job cuts in its automotive division as part of a plan to save 400 million euros ($427.96 million) a year starting in 2025. The number of reduced employees was not named, but it will amount to an "average four-digit figure," the company added.

Sale of assets in Russia

On May 22, 2023, it became known about the sale of Continental's Russian business to the S8 Capital holding. The financial parameters of the agreement between the companies are not disclosed.

According to Kommersant, it could amount to about 7-10 billion rubles, which is comparable to 87 million euros, in which Continental valued its assets. Read more here.

2017

JV formation together with Osram

On November 9, 2017, high-tech companies Continental and Osram announced their intention to form a joint venture. The idea is to combine innovative technologies in the field of lighting devices with electronics and software for the design, production and implementation of intelligent lighting systems for the automotive industry. Continental and Osram are expected to have 50% stakes in the joint venture. Read more here.

Purchase of Israeli cybersecurity provider Argus Cyber ​ ​ Security

In early November 2017, it became known that the German company Continental AG, a manufacturer of auto components and automotive tires, is buying out the Israeli cybersecurity startup Argus Cyber ​ ​ Security. The exact amount of the transaction was not disclosed, but according to Israeli media estimates, Continental paid about $400 million for control of Argus.^[1]

Argus will become part of Elektrobit, Continental's software division

Argus was founded in 2013 by immigrants from the elite 8200 unit of the Israel Defense Forces, which deals with electronic warfare and cyberspace operations. As of 2017, Argus supplies cyber defense solutions to automakers around the world; its offices are open in Japan, Germany and North America.

Under Continental AG's plans, Argus will become part of Elektrobit, Continental's software division. At the same time, the service of previous customers in the Argus auto industry will remain unchanged.

Continental, among other things, is engaged in the production of on-board electronics. Acquiring a firm dedicated to cyber protection of automotive systems looks like a logical step.

There are more and more smart cars on the market. At the same time, the abundance of digital components and the ability to remotely access onboard systems makes them vulnerable to cyber attacks. From time to time, there is loud news about successful experiments to seize remote control over on-board systems of cars, including their critical components such as brakes, safety systems, engine, etc.

Experts agree that automakers have not paid enough attention to information security for a long time when developing software components of their smart cars. "Intelligent" digital components were seen rather as marketing value, as a means of increasing sales. And as a result of the life of car owners, they are under a completely peaceful threat, even if it is not yet known about real cases when cybercriminals attacked cars on the road. The acquisition of Argus Continental will provide "end-to-end," multi-component protection for digital automotive components, as well as solutions and services for the automotive industry related to ensuring the safety of cars on the road.

Firms promise, in particular, solutions for protection against physical theft and cyber attacks, means of monitoring the state of cyber security of onboard systems, updating software components "over the air" and other services.

2016: Turnover of 40.5 billion euros and 227 thousand employees

In 2016, the concern's turnover reached 40.5 billion euros. The number of employees increased to 227,000 in 56 countries.

2015: Turnover of 39.2 billion euros and 215 thousand employees

The company's turnover in 2015 amounted to 39.2 billion euros. It has 215,000 employees in 55 countries.

Notes