Schaeffler will cut about 4,700 jobs across Europe, including 2,800 in Germany, to save 290 million euros annually by 2029, reflecting pressures in the auto industry.
CEO Klaus Rosenfeld stated that job cuts are necessary to safeguard the group's long-term competitiveness amid a nearly 40% drop in net profit this year.
Volkswagen is considering closing three factories and cutting thousands of jobs after issuing two profit warnings in three months, revealing industry's financial strain.
With rivals like Mercedes and BMW also facing profit declines and cost-cutting measures, the entire German automotive sector is under significant pressure from changing market dynamics.
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