Auto parts supplier Valeo will cut around 1,000 jobs in Europe: sources

FRENCH car parts supplier Valeo will cut around 1,000 jobs in Europe and the restructuring drive will also result in Valeo closing two of its plants in France, sources said.

The sources added that the layoffs will affect more than 800 workers in France, while Valeo will also cut staff at its operations in Germany, Poland and the Czech Republic.

Valeo’s job cuts come after the company cut its annual sales target in October and as the European auto industry faces challenges from slowing domestic orders and competition from Asian rivals that often produce cheaper electric vehicles.

Tire maker Michelin also said it would cut 1,250 jobs in November, while French-Italian carmaker Stellantis said this week it planned to close its Vauxhall van factory in southern England.

Ford also announced this month that it would lay off about 14 percent of its European workforce. REUTERS