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Switzerland's Feintool plans cuts in Germany, cites weakness in EV market

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Feintool will close one of its sites in Germany and cut its workforce by as many as 200 people due to weakness in demand for electric vehicles and uncertainty over the shift to renewable energy, the Swiss automotive supplier said on Tuesday.
Feintool, a Swiss automotive supplier, announced plans to cut jobs in Germany due to a slowdown in the electric vehicle (EV) market. The company, which specializes in producing parts for electric cars, cited weaker demand for EVs as the primary reason for the layoffs. This decision comes amidst broader market challenges, including reduced EV sales growth and increased competition, particularly from Chinese manufacturers. Feintool aims to reduce costs and restructure its operations to better align with current market conditions, although specific details on the number of job cuts were not disclosed in the report.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/switzerlands-feintool-plans-cuts-germany-cites-weakness-ev-market-2024-12-03/ ]