Hirschvogel cuts jobs in Germany and plans to transfer some production capacity

Faced with fierce market competition and rising cost pressure, Hirschvogel Auto Parts (Pinghu) Co., Ltd. decided to lay off 500 employees. This is because the rise of the new energy vehicle industry has gradually reduced the market share of the traditional automotive industry and the demand for the company's business has also gradually decreased. In addition, all customers have also notified the company of price cuts, which has kept the company's labor costs high. Hirschvogel's factories in Germany will also lay off employees, planning to cut about 130 jobs. The reason for the layoffs is the development of the global automotive market, the decline in Germany's competitiveness as a business location, and the continued weakness of the German market, especially the electric vehicle market. Therefore, Hirschvogel plans to transfer part of its production capacity to Poland, India and China.