Schaeffler cuts thousands of jobs, Germany also affected

Auto supplier Schaeffler is cutting thousands of jobs worldwide, including in Germany.

The company announced the plans on Monday, citing the weak global economy and the ongoing chip shortage.

Schaeffler is one of the world's largest auto suppliers, with over 80,000 employees in 50 countries. The company supplies a wide range of products to automakers, including bearings, clutches, and engine components.

Schaeffler did not say how many jobs would be cut in Germany, but the company said the cuts would affect all of its global operations.

The job cuts are the latest sign of the challenges facing the auto industry. The global economy has been slowing down, and the chip shortage has caused production disruptions at automakers around the world.

Schaeffler is not the only auto supplier that is cutting jobs. In recent months, other suppliers, including Bosch and Continental, have also announced job cuts.

The job cuts are a blow to the German economy. The auto industry is one of the country's largest employers, and the job cuts will likely lead to higher unemployment.

The German government has said it will provide support to workers who are affected by the job cuts.

Schaeffler's job cuts are a reminder of the challenges facing the auto industry. The global economy is slowing down, and the chip shortage is causing production disruptions at automakers around the world.