Schaeffler to Cut 4,700 Jobs, 2,800 in Germany

German auto supplier Schaeffler is cutting 4,700 jobs worldwide, including 2,800 in Germany.

The company said the cuts are necessary to reduce costs and improve efficiency. Schaeffler has been hit by the global economic slowdown and the decline in demand for cars.

The company has not yet announced which specific locations will be affected by the cuts.

However, it is expected that the majority of the job losses will be in Germany, where Schaeffler has its headquarters.

The company said it will provide severance packages and other support to the affected employees.

Schaeffler is one of the world's largest auto suppliers. The company produces a wide range of products, including bearings, clutches, and transmission systems.

The company has been facing financial difficulties in recent years. In 2019, Schaeffler reported a loss of €562 million.

The job cuts are part of a broader restructuring plan that Schaeffler is implementing to improve its financial performance.

The company is also investing in new technologies, such as electric vehicles and autonomous driving.

Schaeffler said it is confident that the restructuring plan will help the company to return to profitability.

The job cuts are a blow to the German economy. The country has been struggling with a manufacturing recession in recent months.

The job cuts are also a sign of the challenges facing the global auto industry. The industry is facing a number of headwinds, including the global economic slowdown, the decline in demand for cars, and the rise of electric vehicles.