Massive layoffs in Europe's auto supply industry

The European automotive supply industry has announced massive job cuts due to low market demand. In 2024 alone, 54,000 jobs are set to be eliminated, most of which will be implemented in the next two to five years. This exceeds the 53,700 jobs cut in 2020 and 2021 during the COVID-19 pandemic. Since 2019, automotive suppliers have announced a total of 145,000 job cuts, while only 51,000 new jobs have been created.