Valeo, a France-based automotive supplier, will slash around 1,150 white-collar jobs worldwide, as it amalgamates its hybrid and EV units, the firm's trade unions said.
AFP reported that the plan which was presented to trade unions, had measures to support the people who would be laid off.
"We want to reinforce our competitiveness by having a more agile, coherent and complete organisation," said a company spokeswoman.
Around 735 jobs will be axed in Europe this includes 235 in France, AFP noted.
The company employs 109,900 world over at the moment, AFP said.
The FO trade union noted that the job cuts come on top of an announcement of layoffs at a transmission plant in France and the transfer of certain production to Turkey, only adding more confusion for the future, AFP reported.
The French state with a 7.3% stake via two state-owned investment banks, is the biggest shareholder in the company.
The firm's CEO had alluded to cost-cutting being an important measure in 2024, given the stagnant auto market, AFP said.