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Christian Kötz will replace outgoing CEO Nikolai Setzer next month, when Continental will begin a sales process for the ContiTech business.

The measures underscore the pressures on the German auto industry, which is reeling from sluggish demand in Europe, the cost of tariffs and rising competition from Chinese manufacturers.

BMW AG is recalling at least 331,000 vehicles globally due to a defect in its starter motor, another setback for the German carmaker that’s been hit by costly product flaws.

Siemens plans to reduce its global head count by about 6,000 workers, including some in the EV charging business that is suffering from price competition and limited growth possibilities. 

Schaeffler AG will cut about 4,700 jobs in Europe and close two sites as a deepening slump at Volkswagen AG and other German carmakers ripples through their supply chains.

Volkswagen’s truck manufacturing brand Scania plans to equip all its future electric trucks with Northvolt batteries, in a vote of confidence for the cash-strapped Swedish battery maker.

Models affected include locally made 3 Series and 5 Series vehicles, as well as several imported X Series SUVs.

Traton SE is targeting slightly higher returns in the coming five years by expanding in North America and selling more higher-priced electric trucks.

Daimler Truck Holding AG lowered its outlook for 2024, following other truck makers that have trimmed forecasts on softening sales as demand in Europe and Asia weakens.

Daimler Truck AG and Abu Dhabi agreed to explore the Gulf state’s supply of green hydrogen to power future fuel cell rigs in Europe.