🚍Autowist Report 110

• 💼BRIEFING

  • Job cuts in Europe

    • Major Automotive Suppliers

    • Automakers

    • Other Companies

    • Overall Industry Impact

• 💹FINANCIALS

  • BYD

• ⚡ROUNDUP

💼BRIEFING

Top insights and analysis that is moving the needle in the automotive industry

Job cuts in Europe

Major Automotive Suppliers

• Bosch: Plans to cut 5,500 jobs worldwide by 2032, primarily in Germany

• Continental: Aims to reduce 7,150 jobs globally by 2025

• ZF Friedrichshafen: Will lay off 12,000 employees in Germany by 2030

• Schaeffler: Slashing 4,700 jobs across Europe, including 2,800 cuts at German sites

• Valeo: Cutting around 1,000 jobs in Europe, with over 800 in France

Automakers

• Ford: Announced 4,000 job cuts in Europe, mainly in Germany and Britain

• Stellantis: Plans to shut its Vauxhall van factory in Luton, England, risking over 1,000 jobs

• Audi: Announced 7,500 job cuts in Germany by 2029

• Volkswagen: Plans to reduce its German workforce by more than 35,000 by 2030

Other Companies

• Feintool: Closing one site in Germany, laying off up to 200 people

• Gerhardi Plastics Technology: Filed for bankruptcy, affecting its workforce

Overall Industry Impact

• The European automotive supply sector announced 54,000 job cuts in 2024 alone, surpassing the combined job losses during the peak COVID-19 years of 2020 and 2021

• Since 2019, automotive suppliers have announced a total of 145,000 job cuts, while only 51,000 new jobs have been created

• The German automotive industry could lose up to 190,000 jobs by 2035, with one-quarter already lost

• CLEPA reports that 86,000 supplier jobs have been lost since 2023, with a net loss of 56,000 jobs across Europe despite some job creation in EV and battery production

💹FINANCIALS

A focused look at recent automotive company financials

BYD

BYD, the Chinese electric vehicle giant, released its annual report for 2024 today, showcasing impressive financial performance and growth. Here are the key highlights:

1. Record-breaking revenue: BYD's annual revenue reached 777.10 billion yuan ($107 billion), marking a 29% increase year-over-year123.

2. Substantial profit growth: Net income attributable to shareholders rose by 34% to 40.25 billion yuan ($5.55 billion)123.

3. Strong vehicle sales: BYD's cumulative sales of new energy vehicles reached 4.2721 million units in 2024, representing a significant 41.26% year-on-year increase3.

4. Impressive overseas expansion: The company's overseas sales grew by 71% to approximately 0.4147 million units, with BYD vehicles now present in over 100 countries and regions3.

5. Continued R&D investment: BYD invested 54.2 billion yuan in research and development, surpassing its annual net income3.

6. Improved profitability: The company's gross margin increased to 22.3%, up 4.1 percentage points from the previous year3.

7. Solid financial position: BYD reported a net cash flow from operating activities of 133.453 billion yuan, with a slightly decreased debt-to-asset ratio of 77.55%3.

8. Market leadership: BYD reclaimed the title of the world's top EV seller in the fourth quarter of 2024, surpassing Tesla with 595,413 fully electric cars sold2.

⚡ROUNDUP

Key headlines shaping the auto industry this week

1. Audi announces 7,500 jobs cuts, new investment plans (Link)

2. Audi to launch first AUDI model for China in Shanghai next month (Link)

3. CarPlay Close to Extinction in GM Cars As Aftermarket Option Mysteriously Disappears (Link)

4. Xiaomi's SU7 Outsold All EVs Made By Ford And GM In 2024 (Link)

5. Stellantis, Leapmotor favour Spain for production of B10 EV, source says (Link)

6. Nio Permanently Cuts Battery Swap and Charging Prices by 34% in Netherlands (Link)

7. Green Hills Software and NXP Partner to Advance Safety-Critical SDV Architectures (Link)

8. European Automakers See Opportunities In The Defense Industry (Link)

9. Stellantis Shuns Defense Role in EU (Link)

10. SK On and Nissan Announce Battery Supply Agreement to Support Future EV Production in America (Link)

11. NVIDIA Launches NVIDIA Halos, a Full-Stack, Comprehensive Safety System for Autonomous Vehicles (Link)

12. Intel: discrete GPUs are “crucial” for SDV development (Link)

13. GM Partners with NVIDIA for Next Gen AI (Link)

14. India eliminates customs duty on battery materials to encourage local manufacturing (Link)

15. Cerence launches agentic AI assistant platform for vehicles (Link)

16. Xiaomi plans to expand Beijing EV factory, report says (Link)

17. Germany Tipped as BYD's Host for Third European Plant (Link)

18. Tesla Full Self-Driving is stagnating after Elon said it is going exponential (Link)

19. Why You Don't See the Hazard Button in Google Maps on Android Auto (Link)

20. Amazon Used Car Sales? Apparently, it Could Happen (Link)

21. Ample's Response to the NIO/CATL Alliance Is New Stations in Tokyo (Link)

22. Apple Co-Founder Steve Wozniak says Tesla is ‘The Worst’ at the Only Thing That Sets It Apart (Link)

23. Automaker Pays Employees Up To $540,000 To Quit (Link)

24. Battery recycling breakthrough achieves 99.99% lithium recovery (Link)

25. EV battery swaps : The world's largest swap network for quick recharge by NIO and CATL(Link)