Cuts in the Automotive Sector Surge 207% Over Last Year
The automotive industry, which has seen a significant shift as automakers deal with changing consumer demands and the implementation of automation, has announced 19,802 job cuts through April. That is 207% higher than the 6,451 automotive sector cuts announced through the same period last year, according to tracking from global outplacement and executive and business coaching firm Challenger, Gray & Christmas, Inc.
The total announced cuts for the first four months of this year is the highest since 2009, when 101,036 cuts were announced in the auto sector through April.
Ford’s May 20th announcement that it would cut 10% of its current salaried workforce, including at plants overseas, is an attempt to reduce bureaucracy and boost profits in a field seeing more and more competition outside of the Big Three automakers.