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Berlin — German car parts manufacturer Continental will cut thousands of jobs worldwide as part of a plan to save €400 million ($428 million) a year from 2025, it said German auto parts and machinery maker Schaeffler AG is to cut 4,700 jobs in Europe, demonstrating that the struggle of Volkswagen and other big European car makers has begun affecting further Continental will spin off its Automotive business into a separate European company by the end of 2025, operating under a new brand to be launched in April.