European carmakers and suppliers are cutting jobs to save costs as analysts project declining demand for electric vehicles as well as conventional, gas-burning cars.
--Stellantis will temporarily lay off around 2,250 employees from a plant in Turin, Italy, the Netherlands-based maker of Jeep, Dodge and a dozen other brands confirmed on Tuesday. On Monday, Italian unions blamed the layoffs on low demand for the cars produced there, which include the electric Fiat 500 and various Maserati models, including an electric one. Stellantis didn't confirm low demand as the impetus for the layoffs, which will last from Feb. 12 to March 3.
In December, Stellantis said it would cut jobs at two U.S. plants--one in Detroit, Michigan, and one in Toledo, Ohio--as early as Feb. 5. Sales-denting California emissions limits were partly to blame for the measures, said Stellantis, which has also said it would need to cut costs after losing 3 billion euros ($3.29 billion) in revenue from U.S. strikes last year.
--Volkswagen staff reductions began this month as part of a plan to save the flagship brand up to EUR4 billion. While the company said in December that it wouldn't fire workers, it will cut jobs via early retirement, with the long-term goal of slashing labor costs by 20%. Volkswagen Group is on a mission to cut EUR10 billion in costs.
--German car-parts supplier Continental plans to cut thousands of jobs to save costs, it said in November. An exact figure wasn't provided, but Continental said the number was in the mid-four-digit range.
--German semiconductor company Robert Bosch said last month that it expects to cut around 1,500 jobs between two sites in Germany. The unlisted company cited the electrification of the car industry, which requires high investments and fewer workers.
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(END) Dow Jones Newswires
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