Schaeffler to Cut 4,700 Jobs in Europe Amid Industry Challenges

The automotive supplier plans significant job reductions to enhance competitiveness following its merger with Vitesco, affecting numerous sites in Germany.

Schaeffler announced the elimination of 4,700 positions across Europe, with 2,800 job cuts in Germany alone, impacting ten German locations.
The company aims to save 290 million euros annually by 2029 through restructuring and leveraging synergies from its recent acquisition of Vitesco.
Schaeffler attributes the job cuts to declining demand in its industrial sector and the slow uptake of electric vehicles in Europe.
Despite a challenging market, Schaeffler's revenues increased slightly in the first nine months of 2024, driven by new orders in the e-mobility segment.
The IG Metall union has expressed strong opposition to the layoffs, urging Schaeffler to explore alternatives to workforce reductions.