TU-TESL

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France's fareor group, one of the world's largest auto parts suppliers, believes that the Chinese auto market has bottomed out and rebounded, according to a report published on the Financial Times website on December 10. Previously, the market downturn has cast a shadow on the global automobile industry, and also reduced the profits of many automobile manufacturers. According to the report, Jacques ashenbroyish, chief executive of Valeo group, warned that European car companies may cut further jobs and some parts suppliers have cut jobs and closed factories due to weak demand and the need to invest in electrification. "For us, it's clear that the Chinese car market is picking up again," ashen Broich told the financial times. We have reached the bottom of the valley and are clearly moving up. " China, as the largest auto market in the world, has become an important driving force for many Western auto manufacturers to achieve profits, the report said. Ashen Broich is optimistic about the development prospects of the North American automobile industry, saying the biggest uncertainty is in Europe. Carmakers and their suppliers across Europe have launched aggressive cost cutting programs, while strict EU carbon regulations have forced companies to speed up production of electric vehicles. The German Daimler group, which owns Mercedes - and its auto brands, will cut 20000 jobs altogether, and Continental, a component maker, has revealed that thousands of jobs are at risk of being cut. Ashenbroich said jobs in the European auto industry could be lost further, the report said, although he declined to disclose specific measures that Valeo might take to save costs. "If we face the worst in the market, we have to do more," he said. But anyway, we have to adapt. "