Autoliv cuts 8,000 jobs, mostly in Europe, closes offices

Auto suppliers have been hit by soaring raw material prices. Autoliv said in January that cost inflation in 2022 would be the worst in 30 years and that it was trying to pass on the costs.

“The company continues to negotiate with customers to ensure pricing that reflects abnormal inflation and corrects structural price gaps,” Bratt said Thursday.

“Our top priority and our biggest challenge is negotiating with our customers in Europe.”

Autoliv said in January that cost inflation in 2022 would be the worst in 30 years and that it was trying to pass on the costs.

Bratt told Reuters the most difficult part was negotiating prices with customers based in Europe. The region faces high inflation and a difficult macroeconomic environment.

“What takes time is that these negotiations are very detailed. It’s basically going part by part, plant by plant,” he said.

Sweden’s Autoliv, which rivals the likes of ZF and Joyson Safety Systems, reiterated its full-year forecast in April that its adjusted operating profit margin would expand to about 8.5% to 9.0%.

Autoliv is ranked 30th. car news europe List of the top 100 global suppliers with global sales to automakers of $8.2 billion in 2021.

https://www.autonews.com/suppliers/autoliv-cut-8000-jobs-mainly-europe-and-close-sites Autoliv cuts 8,000 jobs, mostly in Europe, closes offices

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