Schaeffler Announces Massive Job Cuts

German auto parts supplier plans to cut 4,700 jobs

Company cites challenging market conditions as reason for layoffs

Schaeffler, a German auto parts supplier, has announced plans to cut 4,700 jobs worldwide, citing challenging market conditions as the reason for the layoffs.

The company said in a statement that the job cuts will be made in all regions of the world and will affect all areas of the business.

Schaeffler said the layoffs are part of a restructuring plan that is designed to improve the company's competitiveness and profitability.

The company said it will provide support to employees who are affected by the layoffs, including severance pay, job placement assistance, and training.

The job cuts come at a time when the auto industry is facing a number of challenges, including slowing demand, rising costs, and the transition to electric vehicles.

Schaeffler is the latest in a number of auto suppliers to announce job cuts in recent months.

In January, Bosch announced plans to cut 7,000 jobs worldwide.

In February, ZF Friedrichshafen announced plans to cut 1,000 jobs in Germany.