Hold onto your seats! Layoffs are sweeping across industries like wildfire. From tech giants to automakers, companies are making ruthless cuts. Skyrocketing costs, plummeting demand, and fierce competition are pushing them to the brink—and it's the workers who are feeling the heat!
In a jaw-dropping move, Japanese automaker Nissa* announces a massive 9,000 job cut after a disastrous year. With a staggering 93% drop in profit during the first half, they're slashing manufacturing capacity by 20%! CEO Makoto Uchida, taking a 50% pay cut himself, points to sluggish North American demand and cutthroat Chinese competition, where electric vehicle companies are zooming ahead.
Europe's largest automaker, Volkswagen, is also in turmoil! Reporting a 64% drop in third-quarter profits, the German giant warns of "painful" cuts ahead.
They're even considering **shutting down some of their German plants**. High production costs and intense EV competition from China are battering them. Their longstanding job protection policy might no longer shield workers from the impending storm!
The domino effect continues! Bosch, a major auto supplier, is laying off 7,000 employees as it struggles to meet yearly targets. Schaeffler, another German auto parts maker, is cutting 4,700 jobs after profits were nearly halved.
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Even luxury automaker Audi isn't spared—they're slashing thousands of jobs outside production after a sharp fall in profits. The auto industry is in a full-blown crisis!
You think it's just the auto industry? Think again! Samsung is reportedly slashing 10% of its workforce in Southeast Asia and Australia in a bid for "operational efficiency."
The Mozilla Foundation, creators of the Firefox browser, has just let go of 30% of its team—and THIS is their SECOND round of layoffs this year!
Rumours are swirling at X, formerly known as Twitter, about another brutal round of layoffs targeting the engineering department. This would add to the 6,000+ jobs Elon Musk has already axed since taking over, including many safety staff responsible for content moderation.
Meanwhile, SaaS platform Freshworks is downsizing by 13%, impacting 660 employees worldwide. The layoffs are expected to rack up charges up to $13 million in Q4 2024!
So, what's behind this tidal wave of job cuts? Companies are grappling with rising costs, shrinking demand, and merciless competition. The result? Massive layoffs and an uncertain future for thousands of workers worldwide.
This is just the beginning! The corporate landscape is changing rapidly, and no one is safe.
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