AVL employees received bad news on Tuesday morning: 70 employees at the Graz location will be dismissed and another 130 employees will leave the company during the course of the year.
After two years of growth, the Graz AVL is now going public with bad news: 70 employees will lose their jobs in the coming months. The times of unrest in the automotive industry are the cause of this. Energy, personnel, material and interest costs are said to pose real challenges for businesses.
“We now need to strengthen the company’s profitability to provide the necessary funds for future investments. The economic conditions and strong international competition make this capacity adjustment necessary and create the necessary conditions for promoting new technologies,” says AVL director Helmut List.
A low point after two top years
Last year the company experienced an increase of ten percent and a turnover of 2.05 billion euros. Further investments in new business areas outside the automotive industry are planned in the coming years. The agenda includes new research and development services in rail, shipping and energy. Important areas are also digitalization and the path to climate neutrality.
However, 70 of the total of 4,300 employees at the Graz location now have to leave. In total, another 130 people will leave the company by 2024 due to retirements and other layoffs. This bad news reached all employees on Tuesday morning.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
