Schaeffler cuts 2,800 jobs in Germany alone due to auto crisis

Schaeffler, a leading automotive supplier, is cutting 2,800 jobs in Germany alone due to the ongoing auto crisis.

The cuts represent about 4% of Schaeffler's global workforce. The company said the cuts are necessary to address the "significant decline" in demand for cars and automotive components.

Schaeffler is not alone in cutting jobs. Other major auto suppliers, such as Continental and Bosch, have also announced job cuts in recent months.

The auto industry is facing a number of challenges, including slowing sales in China, the global trade war, and the rising popularity of electric vehicles. These challenges have led to a decline in demand for cars and automotive components.

Schaeffler said it is taking steps to reduce costs and improve efficiency in order to weather the storm. The company is also investing in new technologies, such as electric vehicle components, in order to position itself for the future.

The job cuts are a blow to the German economy. Schaeffler is a major employer in Germany, and the cuts will have a ripple effect on the economy.

The job cuts also highlight the challenges facing the auto industry. The industry is undergoing a major transformation, and companies are having to adapt to the changing landscape.

Schaeffler's job cuts are a reminder that the auto industry is facing tough times. However, the company is taking steps to address the challenges and position itself for the future.