Auto-parts supplier Forvia plans to cut 10,000 jobs (13% of European workforce) over five years to adapt to electric vehicle transition, increase competitiveness, and reduce reliance on China.

Auto-parts supplier Forvia plans to cut around 13% of its European workforce, or about 10,000 jobs, over the next five years as it adapts to the electric vehicle transition and increases competitiveness in the region. The company aims to save around 500 million euros ($540 million) annually starting in 2028, as it navigates the European Union's evolving climate policies, lower car sales volumes in Europe, and a changing client base as Chinese electric vehicle makers expand in Europe. Forvia also needs to improve profitability in Europe and reduce reliance on China. The job cuts will take place globally, as Forvia supplies parts for major US companies like Tesla and Ford.

February 19, 2024
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