Automotive crisis: Schaeffler, which also produces in Hungary, will lay off thousands of people

Schaeffler announced the closure of five European sites and the elimination of 3,460 jobs, primarily in Germany, due to weak automotive demand and rising operational costs. The restructuring affects 16 locations, with significant cuts in production and R&D roles. The company plans to save €300 million annually from 2030, despite incurring €480 million in one-time costs. The IG Metall union criticized the ongoing layoffs, highlighting a lack of future vision for German industry. Schaeffler aims to expand beyond the automotive sector into defense and humanoid robotics components.