Schaeffler cuts thousands of jobs worldwide, including in Germany

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

The company announced on Thursday that it will cut 4,400 jobs globally, with 1,300 of those cuts coming in Germany. Schaeffler said the cuts are necessary to reduce costs and improve efficiency.

The cuts are part of a broader restructuring plan that Schaeffler announced in March.

The company is aiming to save €700 million (US$785 million) by 2023. Schaeffler said the cuts will affect all areas of the company, including research and development, production, and sales.

The cuts are a blow to the German economy.

Schaeffler is one of the country's largest auto suppliers, and the cuts will likely lead to job losses in other sectors of the economy.

The cuts are also a sign of the challenges facing the global auto industry. The industry is facing a number of challenges, including the rise of electric vehicles, the declining demand for diesel vehicles, and the trade war between the United States and China.

Schaeffler is not the only auto supplier that is cutting jobs.

Other suppliers, such as Continental AG and ZF Friedrichshafen AG, have also announced job cuts in recent months.

The cuts are a sign of the changing global auto industry. The industry is becoming more competitive, and suppliers are facing pressure to reduce costs and improve efficiency.