Employment in Germany's automotive industry has fallen to a 20-year low as local companies attempt to cut costs. This is evidenced by data from Destatis.
As of the end of June, 691.5 thousand people were employed in the automotive sector, the lowest figure since 2005. Over the past 12 months, the sector has lost 42.3 thousand jobs, or 5.8% of the total workforce.
The automotive industry is the second largest sector by number of jobs in Germany, surpassed only by mechanical engineering, which employs over 900 thousand people.
Germany's largest car manufacturers, including Volkswagen, BMW, and Mercedes, have recently downgraded their annual forecasts due to weak sales figures in China. Volkswagen alone is considering reducing its workforce by 100 thousand and closing several factories.
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