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Europe's embattled auto sector plans plant closures and layoffs
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Europe's embattled auto sector plans plant closures and layoffs
Dec 3, 2024 4:14 AM

(Adds Feintool)

Dec 3 (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 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 ( STLA )

Carmaker Stellantis ( 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 500.

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

BOSCH

Bosch, 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 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 will shut two sites in

western France, affecting about 1,250 jobs, it said on Nov. 5.

SCHAEFFLER ( SCAFF )

German machine and car parts maker Schaeffler ( SCAFF ): 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, 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 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.

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