Bankruptcies continue to rain down on the automotive industry. The German part in particular is hard hit. And now another subcontractor gives up – 1,000 lose their jobs.
German AE Group, which stacks aluminum parts for various car companies, has filed for bankruptcy. The decision has been taken after months of rescue attempts.
Technically, AE is now under administration in the attempt at a reconstruction. The company announced this on its website on Tuesday this week.
– We deeply regret that we have to take this step. Although we have already intensified our efforts to restructure our business in recent months, the reduced demand from car manufacturers continues to cause us great difficulties.
– We are convinced that the insolvency proceedings will enable us to restructure our company and preserve jobs, explains Christian Kleinjung, managing director of AE Group AG.
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The bankruptcy means that 1,000 jobs are at stake. The employees work at three locations in Germany and at one location in Poland. Here, until now, they have produced everything from gearbox housings, engine parts and battery boxes for electric cars in workshops. But now it may all be over.
AE Group itself believes that it is a generally falling demand that has broken them. If there is no rescue, the company will simply be able to join the chorus of sub-suppliers and car manufacturers that have gone bankrupt in recent months.
The car brand Fisker Inc. is headed for bankruptcy. Chinese HiPhi has already been idle for a year, and this week the parent company announced that a bankruptcy is necessary. Recaro and BBS are also facing bankruptcy. Read more about it here .
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