Auto Industry Job Cuts May Exceed 1 Million Worldwide

...Bloomberg News - Automakers and their suppliers may cut more than a million jobs, as much as a tenth of the total workforce, as the global economic slowdown forces plant closures, an auto industry research group said. The forecast comes after Ford Motor Co. said on Friday it will cut 23,000 jobs and close five factories, after shedding 12,000 workers last year. The second-largest automaker posted its first annual loss in nine years as it lost market share to Japanese rivals such as Toyota Motor Corp. and Honda Motor Co. Other carmakers, with the exception of Japanese companies that have benefited from a weak yen, are expected to follow with similar cuts as overcapacity has led to low returns, said Edinburgh-based Autopolis. Suppliers will follow with their own cuts, bringing the total auto industry staff cuts to between 8 percent and 10 percent. The reorganization may last more than 18 months, Autopolis' Singapore-based Director Graeme Maxton said.