Valeo To Reduce Workforce By 1,150 As It Merges Hybrid And EV Divisions

- Advertisement -
- Advertisement -

The proposal presented to trade unions included measures aimed at providing support for individuals facing potential layoffs.

According to statements from the company’s trade unions, Valeo, a France-based automotive supplier, is set to reduce its white-collar workforce by approximately 1,150 employees globally as it consolidates its hybrid and electric vehicle (EV) units. As reported by AFP, the proposed plan, presented to the trade unions, includes measures aimed at providing support for individuals who may be affected by the impending layoffs.

A spokesperson for the company expressed the goal of enhancing competitiveness through the establishment of a more agile, coherent, and comprehensive organizational structure. The restructuring will eliminate around 735 jobs, with 235 positions affected in France, according to AFP. Currently, Valeo employs 109,900 individuals worldwide.

- Advertisement -

The FO trade union highlighted that these job cuts compound the challenges posed by earlier announcements of layoffs at a transmission plant in France and the relocation of certain production activities to Turkey, contributing to increased uncertainty about the company’s future, as reported by AFP.

It’s worth noting that the French government, holding a 7.3% stake in Valeo through two state-owned investment banks, stands as the company’s largest shareholder. The CEO of Valeo had previously hinted at the significance of cost-cutting measures in 2024, citing the sluggishness of the automotive market, according to information provided by AFP.

Valeo has previously collaborated with Mahindra to provide electric powertrains and onboard chargers in India. Valeo announced plans to set up production near Mahindra’s Pune plant in Maharashtra, India, to localize the electric powertrain manufacturing.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Global TV Shipments Decline By 3%, China Experiences Growth

0
In India, the 32” smart TV segment leads the market, although its share is declining. The share of larger screen sizes, particularly 55” and...

India’s Semiconductor Manufacturing Ambition Needs A Decadal Plan

0
Explore India’s surge in semiconductor imports, the pressing need for self-reliance, and the strategic pillars reshaping the nation’s technological destiny. Artificial intelligence (AI) refers to...
Sameer Aggarwal, Founder and CEO, RevFin

“We Have Maintained A Net NPA Rate Below 1%!”

0
Maintaining a low non-performing asset (NPA) rate is considered one of the key factors determining the success of an NBFC (non-banking financial company) operating...

Buzz

AG365-Marut Drones

Marut Drones and PJTSAU Receive Utility Patent For Direct Seeding Drone AG365

0
The AG365 serves multiple purposes including pesticide application, and can lead to a 92% reduction in water usage. Marut Drones, a leading Indian drone technology...

Marquardt & doubleSlash Debut Digital Key System

0
The system integrates hardware and software, adhering to Car Connectivity Consortium (CCC) standards. The innovative module offers secure, convenient vehicle access through smartphones. In collaboration...

SJVN’s Raghanesda Solar Power Station To Energise Gujarat

0
Backed by the Japan Bank for International Cooperation, this marks SJVN’s second solar venture to come online this month.  SJVN Limited has commissioned its 100...

Important Sectors

Electric 2-Wheelers Priced Under ₹100,000

0
Despite irregularities in FAME 2 compliance, electric two-wheelers have gained significant popularity in India and are being embraced enthusiastically by the urban population. However,...

Global TV Shipments Decline By 3%, China Experiences Growth

0
In India, the 32” smart TV segment leads the market, although its share is declining. The share of larger screen sizes, particularly 55” and...
AG365-Marut Drones

Marut Drones and PJTSAU Receive Utility Patent For Direct Seeding Drone AG365

0
The AG365 serves multiple purposes including pesticide application, and can lead to a 92% reduction in water usage. Marut Drones, a leading Indian drone technology...

Marquardt & doubleSlash Debut Digital Key System

0
The system integrates hardware and software, adhering to Car Connectivity Consortium (CCC) standards. The innovative module offers secure, convenient vehicle access through smartphones. In collaboration...

SJVN’s Raghanesda Solar Power Station To Energise Gujarat

0
Backed by the Japan Bank for International Cooperation, this marks SJVN’s second solar venture to come online this month.  SJVN Limited has commissioned its 100...

Manufacturing

Tata Picks Somerset For UK Battery Plant

0
The Bridgewater factory, operated by the subsidiary Agratas, will initially produce batteries for JLR and Tata Motors; with a capacity of 40GWh, it will...

India’s Semiconductor Manufacturing Ambition Needs A Decadal Plan

0
Explore India’s surge in semiconductor imports, the pressing need for self-reliance, and the strategic pillars reshaping the nation’s technological destiny. Artificial intelligence (AI) refers to...

India’s Battery Manufacturing Capacity To Hit 120 GWh By 2028: Official

0
The government has allocated 30GWh capacity to three companies under the PLI scheme for ACC battery manufacturing and is in the process of awarding...
GlobalFoundries and Qualcomm

Qualcomm Doubles Investment In India, Plans To Invest $1Bn

0
Qualcomm has the largest number of engineers working out of India, with nearly 17,000 of its global workforce of around 40,000 based in the...

Applied Ventures Funds VVDN Technologies

0
The investment demonstrates Applied Ventures' dedication to promoting innovation, collaboration, and entrepreneurship within the semiconductor and electronics manufacturing sectors. Applied Ventures, LLC, the venture capital...