As electric vehicles challenge the auto industry, manufacturers across the world are downsizing. New data forecasts a cut of 80,000 jobs during the coming year, according to data compiled by Bloomberg. Just this week, Daimler and Audi announced they are eliminating 20,000.
Most job losses are centralized in the U.S., U.K., and Germany.
Outside Europe and North America, Chinese EV startup NIO cut 20% of its workforce in September, after a sales slump and decrease in stock prices. Nissan will dismiss about 12,000 workers in the coming year across the globe.
The report cited shrinking demand and a shift in demand and retrenchments as automakers realign workforces to prepare for electric and autonomous vehicles and the growth of ride-hailing services.
This year, the auto industry will produce 88.8 million vehicles, about a 6% decrease since last year, according to researcher IHS Markit. A German lobby has predicted the total number of produced vehicles will decrease to 78.9 million vehicles next year, the lowest since 2015.