Automotive component manufacturer will cut 3,460 jobs

German automotive component manufacturer Schaeffler announced the reduction of 3,460 jobs in Europe, primarily in Germany, and the closure of five facilities. The company cites increased competition and a slowdown in demand for combustion vehicles as reasons for the cuts. Approximately half of the job reductions will affect production, with significant impacts on research and development. The layoffs are part of a broader strategy to adjust excess capacity and will be complemented by voluntary salary reductions across all levels. Schaeffler anticipates annual savings of around 300 million euros by 2030, while also planning to create new jobs in growth sectors.