The global automotive industry will lay off more than 80,000 people in the next few years
According to reports, 2019 could be one of the worst years ever for the global automotive industry. Due to shrinking demand and structural changes in automotive technology, Daimler and Audi alone announced plans to lay off nearly 20,000 people in the past week.
According to statistics, global car companies will reduce more than 80,000 jobs in the next few years. Although the layoffs were concentrated in Germany, the United States and the United Kingdom, fast-growing economies have not been spared, and automakers are shrinking operations there.
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In the past year, German car companies have joined the ranks of large-scale layoffs of Japanese and American car companies such as GM, Ford and Nissan. The entire industry is being disrupted as trade tensions and tariffs increase costs and slash investment, and manufacturers re-evaluate their workforce in the era of electrification, autonomous driving, and on-demand services.
According to data from market research agency IHS Markit, the global automotive industry will produce 88.8 million cars and light trucks this year, down nearly 6% from a year ago.
Chinese car companies are also cutting staff. China's auto industry has the largest number of employees in the world and is mired in falling sales. The electric car startup company Weilai (2.4, -0.04, -1.64%) announced at the end of September that it would reduce its workforce by about 20%, or more than 2,000 jobs.
As an early leader in automotive electrification, Nissan has not been spared. The company has been in turmoil since the arrest of chairman Carlos Ghosn a year ago. With earnings hitting record lows for decades, the Japanese automaker plans to cut 125,000 jobs in the next few years, mainly in factories around the world.
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The wave of layoffs has sparked dissatisfaction among workers. General Motors' more than 46,000 U.S. hourly workers waged a 40-day strike this fall. This is the biggest blow to the company in nearly half a century. The company agreed to continue production at one of four U.S. plants that it planned to close a year ago.
On November 22, about 15,000 people took to the streets of Stuttgart, Germany, in protest of layoffs and factory closures. This is where the headquarters of Daimler, Porsche and the auto parts giant Bosch Group are located.
Only a week later, Audi announced plans to lay off 9,500 people in Germany by 2025, and Daimler announced plans to lay off more than 10,000 people worldwide.
If the automotive industry is a country, it will become the sixth largest economy in the world.
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