Triumph Motorcycles to axe 240 jobs
Triumph Motorcycles is set to make 240 people redundant at its Hinckley base.
A statement from the company said that global job cuts would number 400.
Triumph told Business Live: “Sales in the larger 500cc plus motorcycle segment, in key markets such as France, Italy, Germany, the USA and the UK have fallen by between 40 and 65% the past three months during what would normally be the peak season for sales.
“Although Triumph sales have outperformed this significant decline to some degree, the market is forecast to remain considerably down on pre-Covid 19 levels as a direct result of the economic conditions created by it.”
Earlier this year the firm said up to 50 jobs could be axed after Triumph Motorcycles boss Nick Bloor unveiled plans to relocate the company’s mass production facilities to Thailand.
The news comes after the firm announced a joint venture with Bajaj Auto India which it said would enable it to gain a stronger foothold in crucial Asian markets.