Car parts supplier company Valeo to cut around 1,000 jobs in Europe, sources say

By Gilles Guillaume

PARIS (Reuters) -French car parts supplier Valeo will cut around 1,000 jobs in Europe, sources told Reuters, and the restructuring move will also result in Valeo closing two sites in France.

The job cuts will impact more than 800 workers in France, while Valeo will also cut staff at operations in Germany, Poland and the Czech Republic, added the sources.

Valeo’s job cuts come after the company reduced its annual sales guidance in October and as the European car sector faces challenges from sluggish orders at home and competition from Asian rivals which often make cheaper electric vehicles (EVs).

Tyre maker Michelin also announced in November that it would cut 1,250 jobs, while French-Italian carmaker Stellantis said this week that it planned to shut its Vauxhall van factory in southern England.

Ford also announced this month that it would cut around 14% of its European workforce.

(Reporting by Gilles Guillaume;Editing by Sudip Kar-Gupta/Tassilo Hummel)