The manufacturer of the Mercedes brand has declared bankruptcy.
The German company Gerhardi Kunststofftechnik GmbH did not survive the downturn in the automobile industry and declared bankruptcy.
Founded in 1796, Gerhardi excelled at die-casting and hot-stamping, according to a Bloomberg article.
The company has become a reliable supplier of the signature stars, grilles, handles and chrome trims for Mercedes-Benz Group AG.
However, after a long period of rising costs and declining demand, Gerhardi decided to declare bankruptcy.
Now the future of 1,500 employees remains uncertain.
Gerhardi, like many other companies, is not the only one affected by the crisis in this industry.
The manufacturer has been struggling to stay afloat for a long time due to production cuts.
However, Gerhardi still took extreme measures due to low sales and difficulties with the transition to electric vehicles.
