Factbox: Europe's embattled auto sector plans plant closures and layoffs

Feintool International Holding AG

03/12/2024 13:14

(.)
       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  FTON.S  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  VLOF.PA  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  STLAM.MI  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  ROBG.UL , 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  F.N  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  MICP.PA  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  SHA0.DE : 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  VOWG_p.DE , 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  DTGGe.DE , 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.
    

 (Reporting by Reuters bureaux, compiled by Andrey Sychev in
Gdansk; editing by Jason Neely)
 ((andrey.sychev@thomsonreuters.com;))