The auto industry is cutting jobs at the fastest pace since the financial crisis
Auto makers are laying off employees at the fastest pace since the financial crisis, according to outplacement services company Challenger, Gray & Christmas Inc., as the industry struggles with evolving consumer demand and new technology-based competition.
“As consumers in the U.S. demand vehicles with lower emissions, more energy efficiency and autonomous driving options, tech companies like Tesla and Google’s parent company, Alphabet, have entered the fray,” said CG&C Vice President Andrew Challenger. “Auto makers, like many companies pivoting to include new technology, must become nimble in order to make decisions as rapidly as the technology evolves.
Tesla’s stock TSLA, -2.49% has tumbled 38.2% this year while Alphabet Inc. shares GOOGL, -0.59% have gained 10.6%.
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