Automotive component manufacturer Schaffler will cut 3,460 jobs

Schaeffler, a German automotive components manufacturer, plans to cut 3,460 jobs across Europe, primarily in Germany, and close five facilities. The company cites increased competition and a slowdown in demand for combustion vehicles as reasons for the layoffs. Approximately half of the job cuts will affect production, with significant reductions also in research and development. The company aims to save around 300 million euros annually by 2030 through these measures. Schaeffler also mentions a 'solidarity contribution' to mitigate the impact of job losses, which includes voluntary salary reductions across all levels. Despite the cuts, the company anticipates some job creation in growth sectors like humanoid robotics and defense.