Schaeffler Cuts Thousands of Jobs, Including in Germany
Auto supplier Schaeffler to cut 3,000 to 4,000 jobs due to declining sales amid COVID-19 and war in Ukraine
Schaeffler, a leading automotive supplier, announced plans to cut 3,000 to 4,000 jobs to address declining sales caused by the COVID-19 pandemic and the ongoing war in Ukraine. The company said the cuts will affect all regions, including Germany, its home market.
The job cuts come as the automotive industry faces a number of challenges, including the transition to electric vehicles (EVs), which require fewer components than traditional gasoline-powered vehicles. Schaeffler's sales have been particularly affected by the decline in demand for cars in China, the world's largest auto market.
The company said it will offer severance packages to affected employees and help them find new jobs. Schaeffler also said it will continue to invest in its core businesses and new technologies, such as EVs and self-driving cars.
The following is a list of the key points from the Schaeffler announcement:
- Schaeffler to cut 3,000 to 4,000 jobs
- Cuts will affect all regions, including Germany
- Job cuts due to declining sales caused by COVID-19 and war in Ukraine
- Schaeffler will offer severance packages and help employees find new jobs
- Company will continue to invest in core businesses and new technologies
Schaeffler's job cuts are the latest sign of the challenges facing the automotive industry. The industry is undergoing a major transformation, and companies are having to adapt to changing consumer preferences and new technologies. Schaeffler's job cuts are a reminder that even the largest and most successful companies are not immune to the challenges of the global economy.
