Forvia Announces Plan to Cut 10,000 Jobs Amid Electric-Vehicle Transition
Forvia, a major automotive supplier for Stellantis, Volkswagen, Tesla, and Ford, plans to cut up to 10,000 jobs in Europe over the next five years as part of a cost-cutting plan to boost competitiveness. The company, which reported sales of €27.25 billion for 2023, aims to reduce its dependence on China and address overcapacity primarily in seating, interiors, and lighting. This move comes amid a broader trend of automakers shifting to electric vehicles, leading to excess capacity and job cuts across the automotive supplier industry.