By Reuters | Updated: 8 January, 2025
Jan 8 (Reuters) – Japanese chipmaker Renesas Electronics (6723.T), opens new tab will cut less than 5% of its global workforce, amounting to fewer than 1,000 positions, as it grapples with sluggish demand for its chips.
Renesas, whose customers include automakers Toyota (7203.T), opens new tab and Nissan (7201.T), opens new tab, has also cancelled salary increases including for executives planned for this spring.
The company did not provide an exact number of jobs to be cut.
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The layoffs will enhance the company’s “ability to execute the long-term growth strategy, while taking into consideration continuing market softness,” Renesas said.
Known for automotive chips, Renesas is diversifying its business and last February announced it would buy electronics design firm Altium for $5.9 billion.
Renesas shares fell 3% in Tokyo trading on Wednesday.
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© Thomson Reuters 2025
