Worldwide Economic Collapse Leads to Deep Cuts Among Auto Industry

By Automotive Staff | October 30, 2008
The news continues to be drastic for car makers worldwide. And the economic conditions have caused U.S. and European companies to plan drastic cuts. Chrysler, for example, plans to cut about 4,500 white-collar jobs through voluntary redundancies and buy outs. Talks between General Motors and Cerberus, owner of Chrysler, continues. And if a merger does take place it is forecasted that as many as 30,000 jobs could be cut over a 12 month period. Moreover, French automaker Peugeot-Citroen has said that it will make “massive” cuts in production. And Renault has temporarily closed all of its plants for a week in France as well as a number of plants overseas and it plans cuts in production by 20 percent in the fourth quarter of this year. Peugeot suspects that there will be a fall of 17 percent in new car sales when the fourth quarter of 2008 is tallied. Our take? Don't be surprised if there are not only more cuts in the future, but one (or more!) companies get culled as well. via Autocar
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Time to find a new career outside the auto industry, but where are all these displayed auto workers to go?