STOCKHOLM — Autoliv is rushing up price cuts, primarily in Europe, anticipating to chop 6,000 jobs or 11 p.c of its workforce, the world’s largest maker of airbags and seatbelts stated.

The Swedish group stated in an announcement on Thursday that the measures throughout its operations included the closure of a number of websites in Europe, and it anticipated the brand new initiatives to be absolutely carried out by 2025.

“These initiatives will proceed to optimize our geographic footprint for a simpler construction,” CEO Mikael Bratt stated. “We intend to simplify and consolidate how we function in all areas.”

Auto suppliers have been hit by hovering uncooked materials costs. Autoliv in January stated price inflation in 2022 was the worst in three a long time, and that it was looking for to go these prices on.

“The corporate continues to barter with its clients to safe pricing that displays the extraordinary inflation and corrects structural worth gaps,” Bratt stated on Thursday.

“The best precedence and biggest problem are the shopper negotiations in Europe.”

Autoliv, whose rivals embody ZF and Joyson Security Techniques, reiterated a full-year outlook given in April for a widening of its adjusted working margin to round 8.5 to 9.0 p.c.

Autoliv ranks No. 30 on the Automotive Information Europe record of the highest 100 international suppliers with worldwide gross sales to automakers of $8.2 billion in 2021.