Kongsberg Automotive cuts costs amid weak truck market, affecting 150 jobs

July 3 (Reuters) - Kongsberg Automotive KOA.OL expects around 150 roles to be affected by a cost-cutting plan as it looks to streamline operations amid soft truck demand, trade tensions and a weaker market outlook, it said on Thursday.

The overhead cost reduction plan is set to save 15 million euros ($17.69 million), with most actions done this year and some stretching into the third quarter of 2026.

The plan follows an earlier cost reduction programme announced in November 2024, which also targeted around 150 jobs to curb expenses in challenging market conditions.

The Norwegian car parts supplier warned of continued market softness in North American and European truck segments, citing U.S. tariffs and wider geopolitical tensions.

Because of this, the company said it had revised its forecasts for the second half of 2025, with projections now falling below earlier expectations.

Shares of Kongsberg Automative fell 3.4% in early trading in Oslo.

($1 = 0.8477 euros)