Auto suppliers Continental and Osram plan deeper cost cuts after reporting weake...
) plan deeper cost cuts after reporting weaker results on Tuesday, as a global slowdown hits the car industry.
BMW, Daimler and Volkswagen have all announced cost cutting plans because of the industry downturn that could tip Germany, which releases third-quarter gross domestic product data on Nov. 14, into recession for the first time since 2013.“Osram does not expect global automobile production to recover in the short term,” the maker of headlights and other components said, unveiling plans to cut 220 million euros in costs between 2017 and 2021.
“We have said that this program has been started, and that this is not yet the end, and that we may have to consider further measures,” Schaefer said.
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