Employment in Germany's Automotive Industry Reaches Historic Low

The number of workers in Germany's automotive industry has decreased to 691,500 by the end of June, marking the lowest level since 2005. Over the past year, the German automotive sector lost 42,300 jobs, which accounts for 5.8% of the total workforce. The cuts primarily affected component manufacturers (down 7.6%) and car and engine producers (down 6.1%). Meanwhile, the segment for bodies and trailers saw an increase in employment by 10%. Automakers such as Volkswagen AG, BMW AG, and Mercedes-Benz Group AG have downgraded their financial forecasts due to declining demand in China. Volkswagen is considering closing factories and cutting up to 100,000 jobs in Germany. The drop in sales in the Chinese market has intensified financial pressure on the group.

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