Continental AG is signaling it will stop short of making further drastic changes as Europe’s second-biggest car-parts supplier doubles down on a restructuring to improve disappointing performance.

The cargo ship that caught fire in the Atlantic while transporting about 4,000 Volkswagen AG vehicles to the U.S. has sunk despite efforts to tow it to safety.

Volkswagen AG is partnering with Robert Bosch GmbH to develop a common software platform to bring hands-free driving functions to the German carmaker’s entire fleet in a bid to compete with Tesla Inc.

Volkswagen AG sales dropped to the lowest in a decade last year after the global semiconductor shortage hampered the German manufacturer’s auto output.