The news: The EV market has not been spared as various companies are shedding headcount. More than 30,000 tech workers at over 150 companies have been cut from their roles so far this year.
Why it’s worth watching: EVs are considered an emerging tech segment, driven by high demand and mounting competition as the global automotive industry shifts to electric vehicles.
But various companies that were on a hiring spree months ago are now quickly reversing their staffing situations by laying off hundreds of workers.
What this means for EV manufacturers: Considering EV design and production are specialized fields, the loss of talent could derail plans for market leaders looking to increase output to meet demand.
What this means for EV workers: Mass layoffs could be a temporary setback in an industry undergoing the tipping point for EV mass adoption.
However, Big Tech companies are similarly pressed to adjust to market conditions by reducing headcount, which makes for a challenging job market in the short term.
This article originally appeared in Insider Intelligence's Connectivity & Tech Briefing—a daily recap of top stories reshaping the technology industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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