Seat belt maker Autoliv to lay off nearly 8,000 jobs

Sweden’s Autoliv, the world’s largest maker of airbags and seat belts, plans to lay off around 8,000 people.

Autoliv thus joins the list of companies that increase cost savings in the face of high inflation.

REACHES 11 PERCENT OF THE STAFF

Autoliv, which includes many of the world’s top automakers among its clients, announced that it will lay off approximately 6,000 people who work directly in production and 2,000 people who work indirectly.

The layoffs, equivalent to around 11 percent of the company’s workforce, are due to take place by 2025 and several plants in Europe will be closed.

Volvo Cars has announced that it will cut 1,300 jobs, while the electric car manufacturer Polestar has announced that it will lay off 10 percent of its workforce. (Reuters)