Hey, everybody, economic ninja here. I hope you’re doing well. We’re going to talk today about a company that I’ve never heard of, actually. It’s called for via. It is a car part supplier for Tesla, and it has just announced that it’s slashing 10,000 jobs. We are seeing a massive shift from, you know, obviously in the auto market, from gas to electric. We’re seeing that being pushed on us like crazy, but we’re also seeing a big shift from companies that were making record profits, selling a lot of stuff, having supply chain issues, all that start to implode, and having to lay people off.

And so that’s why it’s really important that we go over these news stories with people getting laid off. So here we go. This is out of quartz again. It’s a company called for via that makes parts for Tesla and Ford and half of the world’s cars is slashing 10,000 jobs. A company I’ve never heard of, but it’s big for via. A french auto parts supplier said today that it will cut 10,000 jobs as it looks to lower costs and keep up with EU regulations pushing the industry towards more electric alternatives.

According to the Wall Street Journal, the job cuts, which will take place over the next five years and save a projected €500 million each year starting in 2028, will be felt globally. Half of all cars around the world have for via parts, including those made by major us companies like Tesla and Ford for via supplies mainly for vehicles, interiors and emission systems. Beyond an industry wide transition from gas powered vehicles to electric varieties, which has come with its own challenges and recalibrations as of late in the US, for Via is also trying to distance itself from China by improving its profitability in Europe.

Currently, the company makes 27% of its sales in China, according to Electrotech. Says last year, chinese electric vehicle maker BYD dethroned Tesla as the world’s biggest seller of electric vehicles. And it’s not only on pure sales that BYD is catching up with its american competitor in terms of how much profit each year each company makes per vehicle. Byd is also gradually eating into Tesla’s lead. TeSLa is trying to stay competitive by reducing its prices, especially in the winter months when most people don’t love to buy cars, as CEO Elon Musk put it last week.

But China still remains a looming threat to the profitability in the US and in the Know. Tesla. What ElON Musk did by jumping AHEad of the downturn in the auto sector was brilliant, but it really screwed a lot of Tesla owners. I have a friend that was watching time after time after Musk would slash the price of those Teslas. The value of HiS TeSLa was just collapsing. And it was angering them to the point where he says he doesn’t want to buy a Tesla again.

And it’s really interesting because as China keeps ramping up its EV production and companies like Tesla and Ford are hurting badly, I mean, we even saw ToYOta come out and say that they’re not even going to jump in on this race. I think they’re seeing what’s going on and seeing the pain locker that a lot of these Car Companies that put a lot of money into r and D and built up these factories now are being left with.

They’re Pretty Much shells. And it’s a real big sign of the times, especially when companies that we don’t even hear of just say, we’re going to lay off 10,000 people, we’re going to slash 10,000 jobs, because that’s what it’s going to take for them to continue going forward on an ongoing basis. I want to keep bringing the stories about layoffs because it’s important for us to get that big macroeconomic picture of what’s going on in the economy, that not everything is rosy.

And even though the Government comes out with jobs numbers that sound okay, we really have to look at how many of those jobs are part time as opposed to full time. How many jobs are really being created and are those good quality jobs? Are they jobs where people can actually make a good, solid living and pay their way through life and raise a family? Fact of the matter is they really aren’t.

And especially with inflation like it is now, it’s getting harder and harder to find good, gainful employment. That’s why most people are working multiple jobs. Look, with that being said, we have a couple more days left of the side hustle sale. The side hustle course is $199. And once people come in, we’re going to also be doing group coaching. We’re going to take this training to a whole new level for people to find their own side hustle, start their own business, become independent and wealthy.

And we’re going to take it up a notch in 2024, and we’re going to blow the roof off of it, quite frankly. So if you want links down below, I hope you guys have a great day. The economic ninja is out. .

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