According to Ifo's statement, 58% of German companies have faced additional commercial barriers in the past 12 months, while the industrial sector continues to lay off employees due to weak orders and the ongoing economic crisis. Layoff decisions are increasing daily across various sectors, including automotive, industry, engineering, technology, telecommunications, and finance. Large companies are restructuring to cope with low demand and high competition.
Layoff decisions are coming one after another, especially from the automotive and steel sectors. Siemens announced that it will lay off 6,000 employees by 2027. On March 17, the luxury automobile brand Audi, part of the German automotive giant Volkswagen Group, revealed that it would lay off around 7,500 employees in Germany by 2029. Audi’s parent company, Volkswagen, also announced a cost-cutting program in December 2024, which will involve laying off 35,000 employees.
ThyssenKrupp announced that it will lay off 5,000 employees in its steel division by 2030 and an additional 6,000 employees through the sale of business activities or outsourcing. On March 6, the company also revealed that due to the challenging market conditions in the automotive sector, it plans to freeze hiring and lay off 1,800 employees.
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