Dec. 30 (Bloomberg) -- Germany's Gerhardi Kunststofftechnik GmbH has survived Napoleon's invasion, the Great Depression, and two world wars, but it has not been able to weather Europe's current automotive downturn.

Founded in 1796, Gerhardi Kunststofftechnik initially began making metal products, and its proficiency in injection molding and hot stamping led it to become the supplier of the iconic plastic three-pointed star emblem in the center of the grille for the Mercedes-Benz Group.

But in November 2024, after a long period of rising costs and shrinking demand, Gerhardi Plastics Technologies filed for bankruptcy, leaving its 1,500 employees in an uncertain future, according to Bloomberg.

Indeed, Gerhardi Plastics Technology epitomizes the current situation of hundreds of small automotive suppliers in Europe. The report also mentions that France's Forvia SE, which makes parts for Stellantis and Volkswagen, is laying off thousands of workers. Suppliers related to electric cars, such as Swedish battery maker Northvolt AB, have also suffered in the wake of the removal of government subsidies and slumping sales.

As previously reported by IT Home, in November of this year, auto parts giant Bosch announced that it would lay off 5,500 employees globally, including 3,800 jobs in Germany. In addition, on the basis of the previous pay cut program, Bosch will further cut the working hours and salaries of about 10,000 employees in Germany.