rs business unit. Lavradio is one of seven sites in the Carbon Fibers business unit and currently employs around 250 people to manufacture acrylic fibers and precursors for carbon fibers. The closure of the Lavradio site is necessary due to a significant drop in demand for fiber products and global overcapacity in acrylic and carbon fibers. Higher manufacturing and energy costs in Europe make Lavradio less competitive, especially against lower-pr...

News  Updated at: 2025/05/07

Minerals Group has acquired the entire share capital of CNGR Finland. Finnish Minerals Group previously held a 40 % minority stake in the company. The decision stems from the globally challenging market situation for precursor materials used in lithium-ion battery production. There is a significant overcapacity in China and the Pacific region, and tariffs imposed by the US have created uncertainty in the electric vehicle market, forcing companies...

News  Updated at: 2025/04/07

CEO seeks a new path forward for the struggling company. The industry minister is scheduled to meet Stellantis representatives on December 17, 2024, for the first time since Tavares’s exit. Additionally, the government is expected to announce more incentives for the industry. Stellantis, facing overcapacity in Europe, is likely to commit to producing new models at its Italian plants, benefiting local suppliers. (Based on multiple sources)...

News  Updated at: 2024/12/16

ther measures, such as eliminating anniversary bonuses and pre-2005 employee protections, are essential for efficiency. Both sides aim to finalize an agreement that balances cost savings with investments in sustainable products through the 2030s. Discussions will resume on December 16, with factory overcapacity and cost concerns remaining critical topics. (VW Group press release on December 12, 2024)...

News  Updated at: 2024/12/10

affected locations in Germany. It is now revealing specifics for four additional locations in Europe. It will cease production in the Sheffield location in the UK which comes under the Powertrain & Chassis division and primarily manufactures clutch systems for passenger cars. The location is facing overcapacity due to a shift towards automatic transmissions in ICE cars and powertrain electrification. Schaeffler plans to relocate passenger car clu...

News  Updated at: 2024/11/27

and administration. Meanwhile, an additional 6,000 jobs will be transferred to external service providers or eliminated through the sale of business activities. This plan is a part of the company's future industrial strategy in response to structural changes in the European steel market, including overcapacity and increasing cheap imports from Asia. (From a press release dated November 25, 2024) ...

News  Updated at: 2024/11/26

orted that Audi's Brussels factory may resume operations next week. Initially, operations were scheduled to resume this week, but unions expect it to remain closed for at least another week. The final decision will be discussed with social partners on August 22, 2024. The plant faces closure due to overcapacity and high production costs, partly blamed on Belgium’s labor costs and the plant’s challenging location. While Audi is exploring alter...

News  Updated at: 2024/08/21

Bosch to reduce working hours of 2,300 employees at Bosch Engineering in Germany Several media sources reported that Bosch will cut working hours of 2,300 employees at its subsidiary, Bosch Engineering GmbH, which specializes in developments in the automotive sector. The decision is due to the tense situation in the mobility sector and the existing overcapacity and high-cost pressure. Starting in October 2024, weekly hours will initially be reduc...

News  Updated at: 2024/08/16

ncentives for Zero-Emission Vehicles (iZEV) program and investment restrictions.  The consultations will also seek comments on cyber and data security related to protecting Canadians’ privacy and Canada’s national security interests, and will consider perspectives on policies driving China’s overcapacity and surging exports of EVs, including labor and environmental standards, and unfair and non-market practices.  (Government of Canada rel...

News  Updated at: 2024/06/25

that two existing NIO plants in Hefei have reached the designed single shift production capacities due to the recent hot sales of NIO models and NIO’s long-term strategy. As the two plants can no longer fulfill market demand with their capacities given the launch of new models, NIO is not facing overcapacity. From multiple press releases...

News  Updated at: 2024/06/07

024. The tariff rate on lithium-ion EV batteries and battery parts will increase from 7.5% to 25% in 2024. Furthermore, the tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2024. With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China’s exports of EVs grew by 70% from 2022 to 2023—jeopardizing productive investments elsewhere. “A 100% tariff rate on EVs wil...

News  Updated at: 2024/05/15

urope. The minister said that Chinese electric vehicle companies rely on continuous technological innovation, a complete production and supply chain system, and sufficient market competition to develop rapidly, rather than relying on subsidies to obtain competitive advantages.  The accusations of "overcapacity" by the United States and Europe are groundless. The Chinese government will actively support companies in safeguarding their legitimate ...

News  Updated at: 2024/04/08

an eighty countries. Also, the company plans to change its Yancheng factory into Kia’s global export base and expand the scale of annual exports to more than 200k units by 2026. Nissan has also stated that it will start to rely on China’s complete industrial chain as an export base to cope with overcapacity for Internal Combustion Engine (ICE) vehicles and to supply global demand. (GlobalData blog on March 20, 2024)...

News  Updated at: 2024/03/26

of the ebb and flow of ICE vehicle and NEV markets, the imbalance between production capacity and sales volume in the automotive industry has become increasingly prominent. In 2023, China’s LV production capacity will be 48.7 million units, with a capacity utilisation rate of 59%. The problem of overcapacity is becoming hard to ignore. Overall, according to statistics, there are about 241 automobile manufacturers in China, of which about 20% a...

News  Updated at: 2023/12/18

o be here to stay. This inefficiency is financially burdensome for manufacturers, raising questions about the long-term sustainability of maintaining such excess capacity. The automotive industry is, or soon will be, at a crossroads, and tough decisions lie ahead. The inevitable consequence of this overcapacity may be the closure of some manufacturing facilities, the consolidation of brands or weaker brands ceasing operations. The road ahead may ...

News  Updated at: 2023/11/22

Bosch GmbH (Bosch) announced the increased focus of Bosch Transmission Technology BV (Bosch Transmission) in Tilburg (Netherlands) on electrification and hydrogen technology. With the rising electrification trend, demand for pushbelts is projected to drop further in the coming years, resulting in overcapacity in its production locations. Bosch Transmission will hence transform its Tilburg production facility into a development and production si...

News  Updated at: 2023/05/18

Schaeffler to cut 1,300 positions worldwide Schaeffler AG (Schaeffler) announced that it will cut 1,300 positions worldwide, mainly in the Engine & Transmission Systems business of its automotive division. Schaeffler decided to adjust because of the overcapacity in products, especially for internal combustion engine vehicles, due to the accelerating transformation to electrification. This restructuring will be conducted particularly in the Engine...

News  Updated at: 2022/11/09

n by the end of 2022 at the latest. In addition to financial compensation, the social plan includes numerous measures to provide the best possible support for affected employees during the transformation phase. The discontinuation of production in Aachen is unavoidable due to the massive structural overcapacity in the European tire market. It has not been growing for several years and a recovery in market demand is not expected in the foreseeable...

News  Updated at: 2021/04/27

tinue to keep a high presence in France, notably through sales and retail operations with about 3,500 employees. Given the challenging long-term evolution of the industry in the European passenger tire market, Bridgestone has to consider structural measures to ensure the reduction of its production overcapacity and improve its cost efficiency. Bridgestone intends to minimize the impact on the region as much as possible by deploying a solid employ...

News  Updated at: 2020/09/16

Schaeffler announces additional structural measures Schaeffler announced that it has now adopted an additional package of measures at group and divisional program level that is designed to accelerate the Schaeffler Group’s transformation and strengthen its ability to compete and realize future opportunities. The package of measures has two broad aims. The first is to downsize structural overcapacity and consolidate Schaeffler’s locations in E...

News  Updated at: 2020/09/09