BusinessPostCorner.com
No Result
View All Result
Thursday, June 5, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

German auto woes deepen: Audi to cut 7,500 jobs by 2029 amid rising Chinese competition and EV slowdown

March 18, 2025
in Business
Reading Time: 2 mins read
A A
0
German auto woes deepen: Audi to cut 7,500 jobs by 2029 amid rising Chinese competition and EV slowdown
ShareShareShareShareShare

Premium carmaker Audi said Monday it will cut 7,500 jobs by 2029 in Germany, citing “immense challenges” as the country’s auto industry battles slowing electric vehicle demand and rising Chinese competition.

The cuts — amounting to about eight percent of Audi’s global workforce — were aimed at boosting “productivity, speed and flexibility” at its factories in its home market, the manufacturer said.

“The economic conditions are becoming increasingly tougher, competitive pressure and political uncertainties are presenting the company with immense challenges,” Audi, a subsidiary of Volkswagen, said in a statement.

It is the latest bad news from the ailing auto sector in Europe’s biggest economy, which has been hit hard by a stuttering shift to electric cars, fierce competition in key market China from local rivals and weak demand.

Audi, headquartered in the Bavarian city of Ingolstadt, said the cuts would be in areas like administration and development and be carried out in a “socially responsible” manner, meaning there would be no compulsory redundancies.

The automaker employs about 88,000 people worldwide, including 55,000 in Germany.

The job cuts are part of a series of measures, which also includes slashing bureaucracy, that Audi said were aimed at saving it one billion euros ($1.1 billion) a year.

The carmaker however also said it was planning to plough about eight billion euros into its two biggest sites, Ingolstadt and Neckarsulm in Germany, in part to help in the transition to electric vehicles (EV).

This would include investments in producing another electric model in the entry-level segment as well in artificial intelligence.

Audi has been hit hard by slowing EV demand, and in February closed a plant in Belgium that employed about 3,000 people and manufactured high-end electric vehicles.

The carmaker’s deliveries of fully-electric vehicles slid eight percent year-on-year in 2024, to some 164,000.

Deliveries in the Chinese market, accounting for nearly 40 percent of the global total, slipped by about 11 percent.

Audi’s parent company Volkswagen — which makes 10 brands in total — announced in December it would cut 35,000 jobs at its namesake VW brand in Germany by 2030.

This story was originally featured on Fortune.com

Credit: Source link

ShareTweetSendPinShare
Previous Post

Yoga mats and VR headsets used to measure cost of living

Next Post

A Checklist Every Marketer Needs

Next Post
A Checklist Every Marketer Needs

A Checklist Every Marketer Needs

OpenAI secretly launched a sales agent — here are the details

OpenAI secretly launched a sales agent — here are the details

June 3, 2025
Republican tax bill adds .4 trillion to US deficits, CBO says

Republican tax bill adds $2.4 trillion to US deficits, CBO says

June 4, 2025
Tariffs prompt record plunge in US imports, cutting trade deficit

Tariffs prompt record plunge in US imports, cutting trade deficit

June 5, 2025
Train firms must stop criminalising ‘innocent errors’, report finds

Train firms must stop criminalising ‘innocent errors’, report finds

June 3, 2025
Markets tick up as Elon Musk blasts Trump tax bill as ‘disgusting’

Markets tick up as Elon Musk blasts Trump tax bill as ‘disgusting’

June 3, 2025
How one co-founder runs a zero-employee marketing agency with AI tools

How one co-founder runs a zero-employee marketing agency with AI tools

June 2, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Goldman Sachs reins in risk appetite as Donald Trump’s tariffs roil markets

Goldman Sachs reins in risk appetite as Donald Trump’s tariffs roil markets

June 5, 2025
BREAKING: Uber Explores Global Stablecoin Transfers as CEO Hails Bitcoin ‘Proven’ Store of Value

BREAKING: Uber Explores Global Stablecoin Transfers as CEO Hails Bitcoin ‘Proven’ Store of Value

June 5, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!