Schaeffler: German auto parts supplier to cut 4,700 jobs

Schaeffler, the German auto parts supplier, announced plans to cut 4,700 jobs worldwide in response to the Covid pandemic.

The company has been hit hard by the drop in demand for cars, as well as the rising cost of raw materials.

The job cuts will affect all areas of the company's business, including production, administration, and research and development.

Schaeffler said it expects to make most of the cuts in Europe, where it has a large number of factories.

Schaeffler is the latest in a long line of auto parts suppliers to announce job cuts in recent months. Other companies that have announced cuts include Continental, Delphi, and Visteon.

The job cuts are a sign of the challenges facing the auto industry, which is being hit by a combination of factors, including the Covid pandemic, the rising cost of raw materials, and the transition to electric vehicles.

Schaeffler's job cuts are likely to have a significant impact on the German economy. The company is one of the country's largest employers, with over 80,000 workers worldwide.

The job cuts are also likely to have a ripple effect on other businesses in the automotive supply chain.

Schaeffler said it is providing support to employees who are affected by the job cuts, including severance packages and job placement assistance.