Automotive Industry Challenges in Europe

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

Recent Layoffs and Site Closures

FEINTOOL

• Date: Dec. 3
• Details: Feintool will close a site in Germany, laying off up to 200 people.

VALEO

• Date: Nov. 27
• Details: Valeo plans to cut about 1,000 jobs in Europe and close two French plants.

STELLANTIS

• Date: Nov. 26
• Details: Stellantis announced the closure of its Vauxhall van factory in Luton, risking over 1,000 jobs. It has also halted assembly operations in Italy due to low demand.

BOSCH

• Date: Nov. 22
• Details: Bosch aims to cut 5,500 jobs by 2032, focusing on its computer solutions and steering divisions, primarily in Germany.

FORD

• Date: Nov. 20
• Details: Ford will reduce its workforce by 4,000 jobs, mainly in Germany and Britain, accounting for 14% of its European labor force.

MICHELIN

• Date: Nov. 5
• Details: Michelin is set to close two sites in western France, affecting around 1,250 jobs.

SCHAEFFLER

• Date: Nov. 5
• Details: Schaeffler plans to cut 4,700 jobs, predominantly in Germany, and will close production facilities in Austria and Britain.

VOLKSWAGEN

• Date: July 9
• Details: Volkswagen has warned of significant job cuts and potential plant closures in Germany amid cost-cutting talks, including a sale of its Brussels site.

DAIMLER TRUCK

• Date: Aug. 1
• Details: Daimler Truck will reduce employee hours and implement a job freeze in its truck-making operations in Germany.