Job Shock: Schaeffler Announces 4,700 Job Cuts

Schaeffler, a German automotive and industrial supplier, announces a significant workforce reduction.

In a shocking announcement, Schaeffler, a prominent automotive and industrial supplier headquartered in Germany, has revealed plans to lay off 4,700 employees globally.

The decision, driven by the ongoing economic downturn and uncertainty surrounding the future of the automotive industry, represents a major setback for the company.

The layoffs will impact various locations around the world.

The job cuts will affect multiple regions, with Germany bearing the brunt of the layoffs, losing approximately 1,900 positions. Other affected locations include the United States, China, and Romania.

Schaeffler's decision has sparked concerns about the health of the automotive industry and the wider economy.