Autoliv, the world’s largest seatbelt and airbag maker aims to slash nearly 8,000 jobs, joining the increasing number of firms looking at saving costs amid high inflation. Media reports say that the Swedish company is looking to cut 6,000 direct and 2,000 indirect positions.

The cuts will translate into shutting down of various of its sites in Europe, and be fully implemented by 2025, the newswire reported.

CEO Mikael Bratt mentioned as per a statement that “these initiatives will continue to optimise our geographic footprint for a more effective structure.” He further said that they intend to simplify and consolidate how they operate in all areas.

The previous month, Volvo cars said it was slashing 1,300 positions and Polestar said it was cutting back on 10% of its workforce, the newswire stated.

Autoliv had said in January that cost inflation the previous year was the worst in three decades, and that it was looking to pass on the costs.  

"The company continues to negotiate with its customers to secure pricing that reflects the extraordinary inflation and corrects structural price gaps," Bratt said. "The highest priority and greatest challenge are the customer negotiations in Europe," he added.