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Global Auto Industry Shedding at Least 38,000 Jobs
The world’s major carmakers have announced plans within the past six months to trim at least 38,000 hourly and salaried jobs, and more cuts may be on the way, says Bloomberg News.
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The world’s major carmakers have announced plans within the past six months to trim at least 38,000 hourly and salaried jobs, and more cuts may be on the way, says Bloomberg News.
The reductions are being made in an effort to stay ahead of the cost of new technologies and the likelihood of slower sales ahead in China and the U.S.
But Bloomberg notes that the trade war between those two countries could affect hundreds of thousands of additional jobs in the U.S. alone. One analyst says that Ford Motor Co., which is trimming 7,000 white collar positions, could eliminate as many as 23,000 more hourly and salaried jobs if the company’s revenue drops 5%.
Worldwide light-vehicle sales shrank last year by 0.5%, the first year-on-year decline since 2009, according to LMC Automotive. The auto market forecasting firm predicts a 1% uptick in volume this year, but some observers anticipate another slight drop.
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