Autoliv, the world's largest supplier of airbags and seatbelts, said on Tuesday that it would cut 8,000 jobs as part of a restructuring plan. The company said that the cuts would be made over the next two years and would affect all of its operations.
Autoliv said that the cuts were necessary to improve its profitability. The company has been struggling in recent years due to the decline in the global auto market. In 2022, Autoliv's revenue fell by 10% and its net income fell by 40%.
The company said that it would focus on its core businesses, such as airbags and seatbelts. It would also invest in new technologies, such as autonomous driving.
Autoliv's CEO, Mikael Bratt, said that the restructuring plan was "a difficult but necessary decision." He said that the company was "committed to making Autoliv a stronger and more competitive company."
The cuts come at a time when the auto industry is facing a number of challenges. The global auto market is in decline, and automakers are facing increasing competition from electric vehicle startups. Autoliv is not the only auto supplier that has announced job cuts in recent months. In February, Magna International, another major auto supplier, said that it would cut 5,000 jobs.
The job cuts at Autoliv are a sign of the challenges facing the auto industry. The industry is undergoing a major transformation, as automakers shift to electric vehicles and self-driving cars. These new technologies are more complex than traditional gasoline-powered cars, and they require new suppliers. Autoliv is well-positioned to provide these new technologies, but it will need to make changes to its business in order to succeed.
The job cuts are a difficult decision for Autoliv, but they are necessary if the company wants to remain competitive. The company is committed to making the necessary changes, and it is confident that it will emerge from this transformation as a stronger and more competitive company.