Forvia Announces 10,000 Job Cuts Amid EV Transition and Cost-Cutting Measures
The French auto parts supplier aims to save €500 million annually by 2028, reducing its workforce globally as it adapts to the electric vehicle market and EU regulations.
- Forvia, a key supplier for major car manufacturers like Tesla and Ford, plans to cut 10,000 jobs over the next five years.
- The job cuts are part of Forvia's strategy to lower costs and comply with EU regulations encouraging a shift towards electric vehicles.
- The company is also seeking to reduce its dependence on the Chinese market, where it currently makes 27% of its sales.
- Forvia's 'EU-Forward' plan includes investing in artificial intelligence and optimizing R&D investments to boost competitiveness.
- The restructuring comes as the automotive industry faces challenges from the transition to electric vehicles and increased competition from Chinese imports.
Electrek 
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