Ford to cut 4,000 jobs in Europe

Ford plans to cut almost 4,000 jobs in Europe over the next three years, about 14% of its workforce in the region, as the carmaker faces slowing demand for electric vehicles and rising competition from China.

• The reductions — which amount to about 14% of Ford Europe’s workforce — will primarily hit operations in Germany and the UK by the end of 2027, pending consultations with unions and governments. 
• he automaker also announced Wednesday it will reduce production of Explorer and Capri EVs at its complex in Cologne, Germany.
  

The US company said Wednesday that the cuts would be completed by the end of 2027, pending consultations with labor unions, and would be concentrated in Germany and the United Kingdom.

“The global auto industry continues to be in a period of disruption, especially in Europe, where the industry faces unprecedented competitive, regulatory and economic headwinds,” Ford said in a statement.

Dave Johnston, Ford’s European vice-president for transformation and partnerships, added: “It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe.”

Global automakers are under pressure from lackluster sales and intense competition from China, where EV makers are stealing market share from Western rivals, which have traditionally dominated the world’s largest passenger car market.

Ford’s passenger vehicle business has incurred significant losses in Europe in recent years. Like other carmakers, it has had to cut prices for its EVs, which have been badly loss-making, and it has scaled back EV production targets.

Marriott to lay off hundreds in Bethesda

Bethesda, Maryland-based Marriott International has reportedly told staffers its restructuring plans mean there will be hundreds of layoffs.

That includes hundreds of people in the D.C. area.

Maryland’s WARN (Work Adjustment and Retraining Notification) notice went up on Nov. 14. According to the listing, 833 people are slated to lose their jobs in January 2025.

Marriott is a leading private sector employer in Montgomery County, where it’s been headquartered for more than 60 years.

Layoffs are not new for Marriott.

In 2020, it permanently laid off 673 of the roughly 4,000 workers at its Bethesda HQ.

Roughly two years later, it opened a new headquarters in Bethesda — the $600 million development was named the Maryland Economic Development Project of the Year by the Maryland Economic Development Association.

GM laying off nearly 1,000 workers

•  GM has about 150,000 employees worldwide, with the largest group at its technical center in the Detroit suburb of Warren, Michigan. The company had 76,000 white-collar workers worldwide at the end of last year.

• Chief Financial Officer Paul Jacobson said last month that GM is on track to reach its goal of cutting $2 billion in fixed costs by the end of this year.

• Last April, about 5,000 GM white-collar workers at General Motors took the company’s buyout offers, which the automaker said at the time was enough to avoid layoffs.

General Motors is laying off nearly 1,000 workers worldwide, most in the U.S., as it looks to streamline operations, a source told Reuters on Friday.

GM confirmed in a statement it had made job cuts.

"In order to win in this competitive market, we need to optimize for speed and excellence," the Detroit automaker said. "As part of this continuous effort, we’ve made a small number of team reductions."

The layoffs come as the car company is trying to reposition itself as a leader in electric vehicles and software, which are both costly. GM is aiming to cut $2 billion to $4 billion in losses on EVs next year.
In August, it laid off more than 1,000 workers in its software department as it worked to streamline the team. GM also laid off about 1,700 workers at a Kansas manufacturing plant in September.

One of its most significant reductions was in 2023, when about 5,000 GM salaried workers took buyouts to leave the automaker.

 

 

Opendoor cuts 300 jobs

Opendoor, the San Francisco startup that redefined how homes are bought and sold online, announced this week that it will lay off 300 employees, or about 17% of its workforce.  

The cuts, revealed in a letter to shareholders accompanying the company’s latest quarterly earnings report Thursday, are part of a larger restructuring directed at “prioritizing strategic growth initiatives, flattening reporting structures, and driving efficiencies,” according to CEO Carrie Wheeler.

This round of layoffs is the latest in a series of workforce reductions for the company, which previously cut 550 jobs in November 2022 and 550 more in June 2023.

Despite these efforts, Opendoor continues to struggle with profitability. For the first nine months of 2024, the company reported a $78 million loss.

 

Avaya to layoff 180 employees

Avaya has kickstarted its second round of layoffs in just four months.

 

The layoffs are reportedly much greater than those announced in July when the company let go of 180 employees. or approx. three percent of its workforce.

Freshworks to lay off 660

Freshworks lays off 660 — about 13 percent of its global workforce — despite strong earnings, profits

Despite reporting glowing revenue and profits for its fourth quarter, midmarket customer service, IT, and CRM vendor Freshworks said it was laying off 660 employees — about 13 percent of its employees worldwide. The company said the layoffs were part of “realigning our global workforce.”

The layoff announcement sounded unusual in that it was mentioned within an otherwise glowing financial report. CEO Dennis Woodside said in an analyst call to discuss the earnings that Freshworks “ended the quarter with more than 69,600 total customers with a net add of more than 800 customers.”

Freshworks CFO Tyler Sloat even touted a stock buyback program, to illustrate the company’s strong financials: “Given our strong financial position and improving cash profile, we have the opportunity to expand our capital allocation strategy. As such, our board of directors has authorized a share repurchase program of up to $400 million. This inaugural buyback program not only underscores the confidence we have in the durable and profitable growth of our business, but also reinforces our commitment to delivering long-term shareholder returns.”
 

Stellantis to lay off 400 workers at Detroit parts facility

(CBS DETROIT) - Stellantis will indefinitely lay off 400 workers at its Freud Street material logistics facility in Detroit, the automaker confirmed Friday. 

 

Stellantis, which owns brands like Chrysler, Dodge, Fiat, Jeep and Ram, says the job cuts will be effective as early as Jan. 5, 2025.
 

 

 

 

Nissan to cut 9K jobs, reduce CEO's monthly pay by 50%

Nissan has announced it will cut 9,000 jobs from its global workforce as part of “urgent measures” to stem losses.

• Production capacity at Japanese carmaker will be reduced by 20% and sales budgets cut

• CEO Makoto Uchida offered to immediately begin forfeiting half of his monthly compensation

Nissan Motor Company announced it will be "taking urgent measures" to turnaround its business model after results from the first half of Fiscal Year 2024 showed decreased consolidated net revenue and global sales volumes, and an operating profit margin of 0.5%.

In a news release early Thursday morning, the company said it is "facing a severe situation" and laid out a plan to achieve "healthy growth," which includes reducing fixed costs by 300 billion yen (more than $1.9 billion) and variable costs by 100 billion yen ($649 million) while maintaining a healthy free cash flow.

In order to achieve this goal, Nissan said it will cut global production capacity by 20% and its global workforce by 9,000.

Stellantis to lay off 1,100 workers at Ohio Jeep plant

Stellantis said on Wednesday it is laying off about 1,100 employees at a Jeep Gladiator plant in Toledo, Ohio, as it works to improve efficiency and reduce inventory across its North American operations.

 

Stellantis, the parent company of Chrysler, Jeep, Dodge and Ram, issued Worker Adjustment and Retraining Notification (WARN) notices to the respective state and local governments as well as the United Auto Workers union.

The 1,100 layoffs at the Toledo South Assembly Plant will be effective as early as Jan. 5, 2025.

Stellanis said the company is in the midst of a "transitional year" and is focused on "realigning its U.S. operations to ensure a strong start to 2025."  

 

The 3.64-million-square-foot complex manufactures the Jeep Gladiator, Jeep Wrangler and Jeep Wrangler 4xe. Over more than a decade, the company has significantly invested in the plant to increase production, including a $1.2 billion investment in Toledo's North plant since 2011. In 2017, the company confirmed that it would invest another $1 billion to retool and modernize Toledo's South plant.

These investments also involved hiring hundreds of workers and additional shifts to support the increased manufacturing.

The company noted in its third-quarter earnings report, after seeing a 27% decline in net revenues compared with the same period in 2023, that it was in the midst of North American inventory reductions and that U.S. dealer inventory level was "a focus priority."

The company reduced the U.S. dealer inventory level by more than 80,000 units between June and October. Its plan was to reduce inventory by 100,000 units by the end of November, the company said.

As established under the 2023 Collective Bargaining Agreement, impacted employees will receive one year of supplemental unemployment benefits in combination with any eligible state unemployment benefits, equaling 74% of their pay.

Following that, the employees will get one year of transition assistance. Health care coverage will continue for two years.