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Fortune 500 auto parts supplier Lear looks to slash some 15,000 jobs this year globally

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The company is looking to drive growth by winning new business from the one group of automakers most likely to grow in the near future: Chinese domestic brands like BYD, Feely and now Xiaomi.
The article from Fortune discusses how Lear Corporation, a major auto parts supplier, is planning to reduce its headcount due to the increasing competition from Chinese domestic brands. The company, which supplies seating and electrical systems to automakers, is facing challenges as Chinese manufacturers gain more market share both domestically and internationally. This shift is prompting Lear to streamline operations, focusing on cost reduction and efficiency improvements. The headcount reduction is part of a broader strategy to adapt to the changing automotive landscape, where electric vehicles and new market entrants from China are disrupting traditional supply chains and business models. Lear aims to maintain competitiveness by investing in technology and innovation while cutting back on less profitable segments.

Read the Full Fortune Article at:
[ https://fortune.com/2025/02/07/auto-parts-supplier-lear-headcount-reduction-chinese-domestic-brands/ ]