French car parts supplier Valeo is set to cut around 1,000 jobs across Europe, including more than 800 in France, with additional staff reductions in Germany, Poland, and the Czech Republic, reported Reuters.
The restructuring plan, which will also see the closure of two French sites, was presented to the European Group Works Council on Wednesday.
The job cuts are part of Valeo’s efforts to optimise its industrial footprint in France, particularly in response to the reduced automobile production.
Currently, Valeo employs about 14,000 individuals in France, making it the company’s second-largest workforce after China.
The La Verriere R&D site is set to close, but most of its employees will be offered positions at other Valeo locations in the Paris region, reported Market Screener.
Valeo’s decision to reduce its workforce follows a reduction in its annual sales guidance in October.
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The European car sector is grappling with slow orders domestically and increased competition from Asian manufacturers, who often offer less expensive electric vehicles (EVs).
Similar job cuts have been announced by Michelin and Stellantis, with Ford also reducing its European workforce by approximately 14%.
This month, Valeo and TotalEnergies announced an expanded partnership at the Paris Motor Show, focusing on improving EV battery performance through a new cooling solution and a unified thermal management fluid for vehicles.
Recently, Valeo partnered with ROHM Semiconductor to develop next-generation power modules for EV motor inverters.
The collaboration will combine their expertise in power electronics to optimise future powertrain solutions, with ROHM supplying its Silicon Carbide (SiC) 2-in-1 molded module, TRCDRIVE pack, for Valeo’s integration into advanced systems.
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Publish date : 2024-11-28 09:22:00
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