By on July 30, 2020

Cox Automotive eliminated around 1,600 jobs this month as it prepared to better embrace online commerce (and nobody having any money). The company axed nearly 300 employees in June after having furloughed over 12,000 people in response to the coronavirus pandemic this spring. A large number of those positions were related to its Manheim auction arm, which suffered the hardest due to stringent lockdown protocols that prohibited public gatherings.

Now it’s talking about improving some of the digital features it added to Autotrader this year and embracing the virtual landscape to future-proof itself while forecasting a 25-percent cut in annual profits, and letting people go  with the majority of the layoffs coming to furloughed Manheim employees. (Read More…)

By on July 8, 2020

Daimler plans to turn up the volume on cost-cutting measures due to operating losses in the second quarter that haven’t officially manifested. CEO Ola Källenius believes the damage caused by the pandemic response will be too severe to proceed with business as usual for the rest of 2020. At the company’s annual meeting, held Wednesday, the CEO told shareholders to anticipate additional measures to protect profits.

“Our previous efficiency goals covered the upcoming transformation, but not a global recession. That’s why we are further sharpening our course,” Källenius said, noting that the company is currently in talks with labor representatives. Considering the automaker enacted a plan bent on reducing its workforce by at least 10,000 to save an estimated €1.4 billion ($1.6 billion) by 2022, we doubt those discussions are super cordial.  (Read More…)

By on June 22, 2020

Bavaria-based BMW says it aims to cut roughly 6,000 positions from its lineup on account of coronavirus complications. Times are tough and the manufacturer needs to tighten its belt, just like many of its peers.

The alley-oop that precedes the slam dunking of these jobs into the wastebasket will be tempting retirement packages for those of a certain age. But BMW also said it is interested in offering younger people financial assistance for full-time higher education with a guarantee of a job when they’re done — offering some amount of hope.  (Read More…)

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