Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

Factbox-Europe’s embattled auto sector plans plant closures and layoffs

admin by admin
December 3, 2024
in Economy
0
Factbox-Europe’s embattled auto sector plans plant closures and layoffs
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

(Reuters) -A slew of automotive companies across Europe have announced plant closures and big layoffs recently as they struggle with weak demand, high costs, competition from China and a slower-than-expected transition to electric vehicles.

Below are layoffs and site closures announced in recent months (latest first):

FEINTOOL

Switzerland’s automotive supplier Feintool on Dec. 3 announced it will close one of its sites in Germany and lay off as many as 200 people.

VALEO

French car parts supplier Valeo (EPA:VLOF) will cut around 1,000 jobs in Europe, sources told Reuters on Nov. 27, adding that the restructuring push will result in the closure of two French plants.

STELLANTIS

Carmaker Stellantis (NYSE:STLA) on Nov. 26 announced plans to shut its Vauxhall van factory in Luton, England, putting more than 1,000 jobs at risk.

It has repeatedly halted assembly operations at its main plant in Italy’s Mirafiori due to low demand, in particular for the electric version of Fiat (BIT:STLAM) 500.

The company said it had no plans to shut plants in Italy.

BOSCH

Bosch (NS:BOSH), the world’s biggest auto parts supplier, plans to cut 5,500 jobs by 2032 in its cross-domain computer solutions and steering divisions, mostly at German sites, and reduce work hours for some employees, it said on Nov. 22.

FORD

U.S. automaker Ford (NYSE:F) on Nov. 20 said it would cut 4,000 jobs, primarily in Germany and Britain, representing 14% of its European workforce.

MICHELIN

French tire maker Michelin (EPA:MICP) will shut two sites in western France, affecting about 1,250 jobs, it said on Nov. 5.

SCHAEFFLER

German machine and car parts maker Schaeffler: The , hit by weak demand from auto and industrial clients, said on Nov. 5 it planned to cut 4,700 jobs, mostly in Germany.

The restructuring effort would also include closures of the production facilities in Austria and Britain.

VOLKSWAGEN

Volkswagen (ETR:VOWG_p), Europe’s top carmaker, has threatened thousands of job cuts and potential plant closures in Germany as it embarks on tough talks with unions over the cost-cutting push.

On July 9, it put on sale its 3,000-people-strong Brussels site for premium brand Audi due to low demand for its higher-end electric cars.

DAIMLER TRUCK

Daimler (OTC:MBGAF) Truck, the world’s largest truckmaker, said on Aug. 1 it will cut hours and impose a job freeze for employees in its truck-making business in Germany.

This post appeared first on investing.com

Previous Post

UK economy outlook for 2025, as per Deutsche Bank

Next Post

Raytheon secures $1.3 billion F-35 engine support contract

admin

admin

Next Post
Raytheon secures $1.3 billion F-35 engine support contract

Raytheon secures $1.3 billion F-35 engine support contract

Trending News

In the dark over tariffs

In the dark over tariffs

April 8, 2025
Fuji Media, rocked by sexual misconduct allegations, says executives to resign

Fuji Media, rocked by sexual misconduct allegations, says executives to resign

January 27, 2025
JPM analyst explains what could push gold prices up to $6,000

JPM analyst explains what could push gold prices up to $6,000

May 11, 2025
Subscribe to Insightful Word


    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025
    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 6, 2025
    Starlink reportedly secures key licence in India, moves closer to launching services

    Starlink reportedly secures key licence in India, moves closer to launching services

    June 6, 2025

    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025

    Latest News

    • China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll
    • FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more
    • Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.