Autoliff, the world's largest airbag maker, has opened 8000 layoffs to streamline business and control costs

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com June 8 news, according to Agence France-Presse reported that the world's largest airbag manufacturer Otto Liv said today that the global layoffs of 11%, which means that as many as 8000 employees of Otto Liv will lose their jobs.

▲ Touyuan: Otto Liv reported that the focus of the layoffs is on the European business. 6000 people will be directly affected and another 2000 will be indirectly affected. According to reports, Autoliff has been plagued by inflation in recent years, it is reported that he has started negotiations with a number of customers, hoping to correct structural price differences.

"We intend to streamline and consolidate the operating model of all our businesses," ▲ Touliff CEO Michael Brett said in a statement. "the layoffs affect administrative, technical R & D and production personnel, including executives at all levels."

▲ source: Autoliv announced in April that it would set up a production base in Vietnam to produce airbags and fabrics for airbags. Mr Autoliff expects the plant to employ 2000 people. CTOnews.com saw in its earnings report that its operating income in the first quarter of 2023 was $2.5 billion (CTOnews.com Note: currently about 17.825 billion yuan), up 17% from the previous month, but net profit fell 11% to $74 million (currently about 528 million yuan).