Auto supplier Autoliv to cut 8,000 jobs
Auto supplier Autoliv, renowned for its automotive safety systems, has unveiled plans to accelerate global structural cost reductions, primarily focusing on enhancing operational efficiency within its European operations.
As part of these efforts, the company intends to implement significant job cuts totaling approximately 8,000 positions, including around 6,000 direct roles and up to 2,000 indirect positions, according to a statement by the company.
These job reductions represent approximately 11% of Autoliv's combined direct and indirect workforce and will involve the closure of multiple European sites by 2025.
“These initiatives will continue to optimise our geographic footprint for a more effective structure to best serve our customers while reducing costs and driving long-term improvement in margins and cash flow," CEO Mikael Bratt said in a statement.
"We intend to simplify and consolidate how we operate in all areas."
Similar to other companies in the automotive industry, such as Volvo Cars and electric carmaker Polestar, Autoliv's decision to implement job cuts reflects the challenging landscape and cost-saving measures being taken by businesses to navigate the current economic conditions and ensure long-term sustainability.
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