Forvia to cut 10,000 jobs
French automotive seating group Forvia has announced plans to reduce its staff by up to 10,000 in Europe over the next five years, partly due to falling demand and China's dominance in the auto industry.
Forvia is the seventh-largest automotive supplier in the world and produces auto parts for companies such as Stellantis, Volkswagen, and Ford. To meet demand for affordable electric vehicles, the company plans to cut 13% of its European workforce and limit recruitment to posts deemed strictly necessary.
The company announced that it will be reducing its workforce in several European countries such as France, Germany, Poland, Spain, and the Czech Republic. The company's CFO, Olivier Durand, has stated that the impact of the job cuts will vary across different sites but has not provided specific details other than to say it will be mainly achieved through attrition.
Durand cited a downturn in the European market and underutilisation of some sites as the reasons for the layoffs.
