Continental is reportedly considering the sale of its recently established ContiTech auto division, specialising in belts and sealing systems, as part of a broader company-wide reorganisation.
According to Reuters, the company has undertaken a series of moves to enhance profitability due to a significant drop in market capitalisation from EUR50bn to EUR13bn since 2018.
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It announced a restructuring plan earlier this year which would involve consolidating ContiTech into three regional divisions (Europe, the Americas and Asia Pacific) as well as creating a separate unit focused on electromobility.
Manager magazin said the tyre business and non-automotive section of ContiTech would remain core components.
The magazine also quoted an unnamed manager who warned of the potential for a rift in the workforce if the car business was continually funded by the tyres sector.
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