Thyssenkrupp plans 1,800 automotive job cuts – report [Yahoo! Finance]
THYSSENKRUPP AG S/ADR (TKAMY)
NASDAQ:AMEX Investor Relations:
thyssenkrupp.com/en/investors
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Source: Yahoo! Finance
Thyssenkrupp Automotive Technology chief executive Volkmar Dinstuhl was quoted by Reuters as saying: “Production volumes continue to lag behind historical lows, and discussions about new tariffs are creating further uncertainty.” The move also comes in response to the firm's significant downturn in sales and orders in the last quarter of the previous year. The German industrial conglomerate is implementing a cost reduction strategy aimed at saving more than €150m ($162m), which also includes a temporary hiring freeze. As of the end of September 2024, the automotive technology unit had 31,633 employees. Thyssenkrupp also intends to scale back investments in line with the anticipated decrease in sales volumes. Dinstuhl added: “We cannot escape these market pressures, although we remain convinced of the future viability of our technologically leading component businesses.” Across Europe, carmakers and their suppliers are trimming their workforces due to diminishing demand, e
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