Thyssenkrupp to Cut 1,800 Jobs in Automotive Division Amid Industry Challenges

The German industrial giant cites a 75% profit drop and weak global auto market as reasons for the layoffs.

Thyssenkrupp plans to eliminate 1,800 positions in its Automotive Technology division to reduce costs by over €150 million.
The division employs 31,000 workers globally, including 8,500 in Germany, where the cuts will also affect operations.
The company reported a 75% profit decline in its automotive unit, driven by weak demand and rising costs in the global auto industry.
Challenges include high energy prices, competition from Asian manufacturers, and the costly transition to electric vehicles.
This move aligns with broader industry trends, as German automakers and suppliers face restructuring and job reductions due to declining revenues and shifting market dynamics.