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According to multiple media reports, on August 5, German automotive chip maker Infineon Technologies said on Monday that it would cut 1,400 jobs worldwide and relocate another 1,400 positions to countries with lower labor costs as part of its previously announced cost-saving plan. The layoffs include the earlier announcement of the elimination of hundreds of jobs at the company's plant in the southern German city of Regensburg.

On Monday, local time, German chipmaker Infineon Technologies AG announced its third quarter results for fiscal year 2024 (April to June 2024), with revenue down 9% year-on-year and net profit plummeting 52% year-on-year, with a profit margin of 19.5%, down 6.6% from 26.1% in the same period last year. Infineon Technologies AG's latest report narrowed its 2024 forecast range after the company's third quarter revenue fell short of expectations amid stagnant recovery in markets such as electric vehicles.

Infineon's largest automotive electronics business had sales of 2.11 billion euros in the third quarter, compared with 2.13 billion euros in the same period last year. The company noted that this figure improved from the previous quarter thanks to the increase in the number of "software-defined" cars. These cars use Infineon's chips to help run the systems that connect sensors and computers in the car. Infineon CEO Jochen Hanebeck also mentioned on the call: "The healthy consumer demand in the Chinese market is very helpful to Infineon, especially considering the company's position as the largest automotive market in China."

Infineon is one of the European chipmakers that focuses on making chips for cars and relies on sales from automakers. The company, like its peers such as STMicroelectronics and NXP Semiconductors, has been affected by the automotive industry's reduction in electric vehicles, which is driven by higher interest rates, lower-than-expected economic growth and a continued lack of charging stations. According to official website data, Infineon's revenue in fiscal 2023 (ending September 30) exceeded 16 billion euros and the number of employees worldwide was approximately 58,600.