Overview

• 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.