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

(Reuters) -Automotive corporations throughout Europe have introduced plant closures and massive layoffs as they battle with weak demand, excessive prices, competitors from China and a slower-than-expected transition to electrical autos.

Beneath are layoffs and web site closures introduced in current months, starting with the most recent:

VOLKSWAGEN

Europe’s prime carmaker Volkswagen (ETR:VOWG_p) agreed a take care of unions on Dec. 20 to chop 35,000 jobs and to cut back manufacturing unit output by nearly 1 / 4 in Germany, although there no fast plant closures or layoffs.

Volkswagen mentioned earlier in December that its Audi plant in Brussels will stop manufacturing by Feb. 28, after the corporate discovered no alternate options to closure.

FEINTOOL

Switzerland’s automotive provider Feintool on Dec. 3 introduced it’ll shut one among its websites in Germany and lay off as many as 200 individuals.

VALEO

French automobile elements provider Valeo (EPA:VLOF) will lower round 1,000 jobs in Europe, sources informed Reuters on Nov. 27, including that the restructuring push will end result within the closure of two French crops.

STELLANTIS

Carmaker Stellantis (NYSE:STLA) on Nov. 26 introduced plans to close its Vauxhall van manufacturing unit in Luton, England, placing greater than 1,000 jobs in danger.

It has repeatedly halted meeting operations at its essential plant in Italy’s Mirafiori attributable to low demand, specifically for the electrical model of Fiat (BIT:STLAM) 500.

The corporate mentioned it had no plan to close crops in Italy.

BOSCH

Bosch (NS:BOSH), the world’s greatest auto elements provider, plans to chop 5,500 jobs by 2032 in its cross-domain laptop options and steering divisions, largely at German websites, and cut back work hours for some staff, it mentioned on Nov. 22.

FORD

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

MICHELIN

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

SCHAEFFLER

German machine and automobile elements maker Schaeffler mentioned on Nov. 5 it deliberate to put off 4,700 jobs in Europe, largely in Germany, after its working revenue was nearly halved within the third quarter.

The restructuring effort would come with closures of the manufacturing amenities in Austria and Britain.

DAIMLER TRUCK

Daimler (OTC:MBGAF) Truck, the world’s largest truckmaker, mentioned on Aug. 1 it’ll lower hours and impose a job freeze for workers in its German enterprise.