2024-09-16 13:29:08
Automotive
Business
Automotive Industry Faces Major Job Cuts
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Yahoo Finance
Economy
Finance
Volkswagen may book up to $4.4 billion in provisions for planned capacity cuts; Jefferies analysts say management is determined to tackle excess capacity and spending; no plan B that would rule out capacity reduction; charges could be around 2.5-3.0 billion euros, or up to 4 billion euros; terminated job security scheme, facing powerful unions.
t-online
VW | Consequences of job cuts: Analysts expect billions in costs
Economy
Finance
VW plans to reduce capacity with 2-3 plant closures and over 15,000 job cuts due to 2 million fewer vehicle sales in the European car market, of which 1/4 is attributable to VW; Analysts expect 3-4 billion euros in provisions; Collective agreements terminated; Works council chairwoman Daniela Cavallo wants to fight against job cuts; Employment security affected; CFO Arno Antlitz sees a need for action.
Frankfurter Rundschau
Why operational terminations at Continental could also affect Baden-Württemberg
Economy
Finance
Continental, a technology group headquartered in Hanover, Lower Saxony, is planning job cuts that could also affect the Ulm site in Baden-Württemberg. So far, the company wanted to implement the cost-cutting measures in a socially responsible manner, but now it no longer rules out operational terminations.
tz
Why layoffs at Continental could also affect Baden-Württemberg
Economy
Finance
The technology company Continental, headquartered in Hanover, Lower Saxony, is planning a reduction in staff in its automotive division, which could also affect the location in Ulm, Baden-Württemberg. According to a recent report, the automotive supplier is now also not ruling out layoffs for operational reasons, although the cost-cutting measures are intended to be as socially acceptable as possible. The automotive supplier ZF Friedrichshafen has also announced that it will reduce up to 14,000..
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