German automotive supplier Continental has told senior managers that they face job cuts if they cannot get a grip on problems, which caused the company to issue a second profit warning this year, an internal message showed.
Aurus, the Russian maker of President Vladimir Putin's new luxury sedan, will launch a range of upscale vehicles next year and export them to global markets, including Europe and possibly the United States in the long term.
Continental's disappointing sales in China and Europe forced the car-parts maker to cut its revenue forecast. In addition, spending on new technology is weighing on profitability. Shares plunged the most since 2009.
Automotive manufacturers are staffing up for a new wave of innovators to drive technological change, and many realize that they need a more diverse pool of talent -- especially women -- to get the job done.