💨 Abstract

Japanese chipmaker Renesas Electronics plans to cut less than 5% of its global workforce, affecting fewer than 1,000 positions, due to sluggish demand for its chips. The company, which supplies automakers Toyota and Nissan, has also canceled salary increases for employees and executives this spring. Renesas aims to use these layoffs to strengthen its ability to execute a long-term growth strategy amid market softness.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖