After a financial meltdown, Pierer Mobility AG (KTM) was acquired by Bajaj AG, which now owns 74.9% of the company. After this, Bajaj AG changed Pierer Mobility AG's name to Bajaj Mobility AG and announced a corporate restructuring plan to try and get the company back in the black—the first part of that plan is underway, as 500 employees were just laid off.
Bajaj AG stuck to its original plan, which was to keep the majority of employees who work in production and focus on cutting out unnecessary management positions. Of the approximately 500 people laid off, they were primarily in salaried positions and middle management.
