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Europe Could Lose 500,000 Auto Jobs
Employment cuts at Fiat SpA, PSA Peugeot Citroen and other automotive companies could eliminate more than 500,000 of the European auto industry's 7 million jobs by the end of 2013, Bloomberg News reports.
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Employment cuts at Fiat SpA, PSA Peugeot Citroen and other automotive companies could eliminate more than 500,000 of the European auto industry's 7 million jobs by the end of 2013, Bloomberg News reports.
The news service cites Lars Holmqvist, a senior auto advisor at Brussels-based consultancy Kreab Gavin Anderson. He predicts the brunt of the reductions will fall on the industry's 1.5 million temporary workers, whose employment isn't protected by union contracts.
Holmqvist, who headed the region's CLEPA supplier group until April, estimates that every lost auto production job results in the demise of five supplier positions.
Europe's auto industry has lost about 800,000 jobs since 2007, according to Bloomberg. It cites cuts this year than include 14,000 jobs at PSA, a reported 500 management posts at General Motors' Opel unit and 500 temporary positions at Ford.
A few profitable auto companies are bucking the trend, including BMW, which has hired more than 5,000 new employees in the past 12 months, the news service notes.
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