Thyssenkrupp Announces 1,800 Job Cuts in Automotive Division

The company cites a 75% profit decline and weak industry outlook as it seeks to reduce costs by over €150 million.

Thyssenkrupp plans to cut 1,800 positions globally within its Automotive Technology division, which employs 31,000 people, including 8,500 in Germany.
The decision follows a 75% drop in profits for the automotive unit, which has been significantly impacted by weak market conditions in the auto industry.
The company aims to achieve cost savings of over €150 million through the layoffs and other measures.
Thyssenkrupp leadership, under CEO Miguel López, has pledged to explore socially responsible solutions for the affected employees.
This move is the latest in a series of cost-cutting measures as the Essen-based industrial group faces ongoing financial challenges.