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Found 14 results

  1. Volkswagen has announced it will cut between 5,000 to 7,000 jobs through attrition and early retirement at its headquarters in Wolfsburg, Germany. Most of the job cuts will be administrative staff. While cutting those job, VW will be creating 2,000 new software and electronics jobs. The cuts are part of a cost savings plan to drive 3€ Billion in annual savings by 2020 and 5.9€ billion by 2023. The move comes the day after the company announced it will increase its EV plans to build 22 million units over the next decade. Electric vehicles are less complex to build and require fewer workers. Volkswagen is building a new EV platform and the first vehicle to arrive on the market will be the I.D. Neo, expected sometime in 2020. The I.D. Neo will be built at a plant in Zwickau, Germany. Future electric vehicles will be built in 7 additional factories including Chattanooga, Tennessee. View full article
  2. Ford's operations in Europe books a 351€ billion loss for 2018 in contrast to a 324€ billion profit the year prior. Already in the midst of a major restructuring, Ford has now announced job cuts in Germany and the UK. Ford employs roughly 24,000 people in Germany with expectations to lower that by 5,000 to 19,000 total. Most of the cuts are expected to come from voluntary redundancies and early retirement. Ford aims to make the cuts "in the most socially responsible way possible." In addition to the German job loses, another 1,150 employees will lose their positions in the UK. Ford has already shuttered an assembly plant in France and cut its vehicle lineup. Ford's moves follow that of Honda which is closing its plant in Swindon, Nissan which is reducing output in Sunderland, Infiniti leaving Western Europe and Volkswagen laying off 7,000 workers. View full article
  3. Ford's operations in Europe books a 351€ billion loss for 2018 in contrast to a 324€ billion profit the year prior. Already in the midst of a major restructuring, Ford has now announced job cuts in Germany and the UK. Ford employs roughly 24,000 people in Germany with expectations to lower that by 5,000 to 19,000 total. Most of the cuts are expected to come from voluntary redundancies and early retirement. Ford aims to make the cuts "in the most socially responsible way possible." In addition to the German job loses, another 1,150 employees will lose their positions in the UK. Ford has already shuttered an assembly plant in France and cut its vehicle lineup. Ford's moves follow that of Honda which is closing its plant in Swindon, Nissan which is reducing output in Sunderland, Infiniti leaving Western Europe and Volkswagen laying off 7,000 workers.
  4. Volkswagen has announced it will cut between 5,000 to 7,000 jobs through attrition and early retirement at its headquarters in Wolfsburg, Germany. Most of the job cuts will be administrative staff. While cutting those job, VW will be creating 2,000 new software and electronics jobs. The cuts are part of a cost savings plan to drive 3€ Billion in annual savings by 2020 and 5.9€ billion by 2023. The move comes the day after the company announced it will increase its EV plans to build 22 million units over the next decade. Electric vehicles are less complex to build and require fewer workers. Volkswagen is building a new EV platform and the first vehicle to arrive on the market will be the I.D. Neo, expected sometime in 2020. The I.D. Neo will be built at a plant in Zwickau, Germany. Future electric vehicles will be built in 7 additional factories including Chattanooga, Tennessee.
  5. The bad news keeps hitting Faraday Future. Earlier this month, we reported on the fight between the automaker and its latest backer, Evergrande Health Industry Group. Faraday claims that Evergrande failed to provide additional funds as part of an investment deal. Evergrande has denied this claim and has brought in lawyers to fight this charge. But this row has caused the electric car start-up to make some difficult decisions. The Verge obtained an email sent to Faraday Future staff on Sunday night, announcing that staff salaries would be cut by 20 percent, and laying off some workers. The email also states that FF CEO Jia Yueting has decreased his annual salary to $1.00. The austerity measures will begin next week. “The company is committed to monitoring its finances and will reevaluate this decision with the goal of restoring salaries once funding is available,” the email states. It's unclear how many people will be laid off. A representative for FF did not respond to The Verge when asked for a comment. Source: Bloomberg, The Verge
  6. The bad news keeps hitting Faraday Future. Earlier this month, we reported on the fight between the automaker and its latest backer, Evergrande Health Industry Group. Faraday claims that Evergrande failed to provide additional funds as part of an investment deal. Evergrande has denied this claim and has brought in lawyers to fight this charge. But this row has caused the electric car start-up to make some difficult decisions. The Verge obtained an email sent to Faraday Future staff on Sunday night, announcing that staff salaries would be cut by 20 percent, and laying off some workers. The email also states that FF CEO Jia Yueting has decreased his annual salary to $1.00. The austerity measures will begin next week. “The company is committed to monitoring its finances and will reevaluate this decision with the goal of restoring salaries once funding is available,” the email states. It's unclear how many people will be laid off. A representative for FF did not respond to The Verge when asked for a comment. Source: Bloomberg, The Verge View full article
  7. In a staff-wide email sent today, Tesla CEO announced that the company would be laying off nine percent of its staff across the company. The cuts comes as part of "an effort to reduce costs and become profitable.” “Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us. What drives us is our mission to accelerate the world’s transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable. That is a valid and fair criticism of Tesla’s history to date,” wrote Musk. The layoffs will not effect workers on the production, instead focusing on those working in various white-collar positions. Musk stressed this will not affect plans on reaching production targets for the Model 3 in the coming months. “Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are difficult to justify today,” Musk wrote. Those being laid off will get "significant salary and stock vesting" by the company. Source: Bloomberg, Fortune, Roadshow
  8. In a staff-wide email sent today, Tesla CEO announced that the company would be laying off nine percent of its staff across the company. The cuts comes as part of "an effort to reduce costs and become profitable.” “Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us. What drives us is our mission to accelerate the world’s transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable. That is a valid and fair criticism of Tesla’s history to date,” wrote Musk. The layoffs will not effect workers on the production, instead focusing on those working in various white-collar positions. Musk stressed this will not affect plans on reaching production targets for the Model 3 in the coming months. “Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are difficult to justify today,” Musk wrote. Those being laid off will get "significant salary and stock vesting" by the company. Source: Bloomberg, Fortune, Roadshow View full article
  9. We had a feeling this was coming. The Detroit News reports that Fiat Chrysler Automobiles will be cutting a shift at the Sterling Heights Assembly plant - home of the Chrysler 200 - and laying off 1,420 workers at the plant and a supporting stamping plant. In a statement, FCA explained the cut is “to better align production with demand,” and “a direct result of shifting demand toward trucks and SUVs.” “Our truck and SUV plants are running six days a week about 20 hours a day,” the company said. “And while 1,300 people will be impacted by layoffs (at Sterling Heights Assembly), we have been able to add 11,000 hourly jobs in Michigan since 2009 to keep up with that demand.” Since February, FCA has put Sterling Heights Assembly on a temporary shutdown to in an effort to reduce the stockpile of 200s sitting on dealer lots. FCA says the layoffs will start on July 5th and the affected workers will be placed in full-time positions in other plants “as they become available within the Detroit labor market based on seniority.” Source: The Detroit News
  10. We had a feeling this was coming. The Detroit News reports that Fiat Chrysler Automobiles will be cutting a shift at the Sterling Heights Assembly plant - home of the Chrysler 200 - and laying off 1,420 workers at the plant and a supporting stamping plant. In a statement, FCA explained the cut is “to better align production with demand,” and “a direct result of shifting demand toward trucks and SUVs.” “Our truck and SUV plants are running six days a week about 20 hours a day,” the company said. “And while 1,300 people will be impacted by layoffs (at Sterling Heights Assembly), we have been able to add 11,000 hourly jobs in Michigan since 2009 to keep up with that demand.” Since February, FCA has put Sterling Heights Assembly on a temporary shutdown to in an effort to reduce the stockpile of 200s sitting on dealer lots. FCA says the layoffs will start on July 5th and the affected workers will be placed in full-time positions in other plants “as they become available within the Detroit labor market based on seniority.” Source: The Detroit News View full article
  11. Ford announced this week that it will be cutting a shift at its Michigan Assembly Plant in Wayne, MI - where the Focus and C-Max are built - due to slumping sales. Ford says the cut will affect a total of 700 workers - 673 hourly workers and 27 salaried employees. "Ford will be working to redeploy affected hourly employees and they will be considered first for southeast Michigan opportunities as they become available," Ford said in statement to The Detroit News. Salaried employees will be moved to other Ford facilities. Sales of the Ford Focus dropped 14.5 percent last month, despite a refreshed model and a price cut on the electric model. The C-Max was hit worse with a sales drop of 22.9 percent. Automotive News reports there had been rumors flying around for weeks about Ford cutting the third shift. When asked last week about this, Ford said they had now changes in store for the plant. Coincidentally, this announcement comes a few days after Ford announced a $2.5 billion investment in new transmission and engine plants in Mexico. Source: Automotive News (Subscription Required), The Detroit News View full article
  12. Ford announced this week that it will be cutting a shift at its Michigan Assembly Plant in Wayne, MI - where the Focus and C-Max are built - due to slumping sales. Ford says the cut will affect a total of 700 workers - 673 hourly workers and 27 salaried employees. "Ford will be working to redeploy affected hourly employees and they will be considered first for southeast Michigan opportunities as they become available," Ford said in statement to The Detroit News. Salaried employees will be moved to other Ford facilities. Sales of the Ford Focus dropped 14.5 percent last month, despite a refreshed model and a price cut on the electric model. The C-Max was hit worse with a sales drop of 22.9 percent. Automotive News reports there had been rumors flying around for weeks about Ford cutting the third shift. When asked last week about this, Ford said they had now changes in store for the plant. Coincidentally, this announcement comes a few days after Ford announced a $2.5 billion investment in new transmission and engine plants in Mexico. Source: Automotive News (Subscription Required), The Detroit News
  13. By William Maley Staff Writer - CheersandGears.com April 9, 2013 From the "it can't get any worse, can it?" file, Fisker has been smacked with a lawsuit by their former employees alleging the company violated the law when they were laid off. Last Friday, Fisker announced they would be laying off 75% of their employees (about 160 employees) as "a necessary strategic step to... maximize the value of Fisker's core assets," which is complicated way of saying 'we're trying to conserve as much cash as possible'. However, employees have sued Fisker in Federal court, stating the company violated the US Worker Adjustment Retraining Notification (WARN) Act which says a company must give employees 60 days of notice of a termination. The suit also alleges Fisker failed to pay the employees the wages and other benefits they would have earned in the 60 days following the layoffs. Fisker's communications firm, Sitrick and Co said the company had no immediate comment concerning the suit. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  14. By William Maley Staff Writer - CheersandGears.com April 9, 2013 From the "it can't get any worse, can it?" file, Fisker has been smacked with a lawsuit by their former employees alleging the company violated the law when they were laid off. Last Friday, Fisker announced they would be laying off 75% of their employees (about 160 employees) as "a necessary strategic step to... maximize the value of Fisker's core assets," which is complicated way of saying 'we're trying to conserve as much cash as possible'. However, employees have sued Fisker in Federal court, stating the company violated the US Worker Adjustment Retraining Notification (WARN) Act which says a company must give employees 60 days of notice of a termination. The suit also alleges Fisker failed to pay the employees the wages and other benefits they would have earned in the 60 days following the layoffs. Fisker's communications firm, Sitrick and Co said the company had no immediate comment concerning the suit. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article

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