Schaeffler to cut 3,460 jobs, close five plants in Europe as auto sector gloom deepens
German supplier Schaeffler will cut 3,460 jobs and close five sites in Europe, four in Germany and one in Belgium, blaming weakened demand for combustion-engine cars, slower EV adoption and intense competition. About 2,660 of the jobs are in Germany, roughly 9% of its German core workforce by 2028, with 16 sites affected in total. The company expects annual savings of about €300 million ($336 million) by 2030, against one-off costs of roughly €480 million, most of it booked in 2026.
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