Kongsberg Automotive announces cost cuts and revised revenue expectations amid declining demand

Kongsberg Automotive announced on Thursday plans to reduce annual costs by at least €10 million (approximately NOK 119 million) in response to declining demand. The company will achieve this reduction by cutting around 150 positions globally.

Additionally, Kongsberg Automotive has revised its revenue expectations for the year, lowering them from €790–830 million to €760–790 million.

Linda Nyquist-Evenrud commented, “Cost reductions and operational efficiency will offset lower volumes and position Kongsberg Automotive for improved long-term profitability.” She added that the company is on track to achieve cost reductions of €17 million by 2024 and has identified potential annual savings of an additional €10 million, which will take full effect from the third quarter of 2025.

Kongsberg Automotive is a Norwegian automotive parts manufacturer headquartered in Kongsberg, Norway. Established in 1987, the company emerged when employees of Kongsberg Våpenfabrikk acquired its automotive division. Kongsberg Automotive operates factories in 17 countries worldwide.