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Forvia, a French autoparts supplier, said it will cut 10,000 jobs as it looks to lower costs and keep up with EU regulations pushing the industry toward more electric alternatives. The job cuts, which will take place over the next five years and save a projected 500 million euros ($540 million) each year starting in 2028, will be felt globally. Half of all cars around the world have Forvia parts, including those made by major U.S. companies like Tesla and Ford. Forvia supplies mainly for vehicle interiors and emission systems.
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