It is also shrinking here, but the large German downsizing may be avoided by the major automotive supplier

The Schaeffler Group announced significant layoffs in Germany, affecting 3,460 jobs and closing four facilities. Despite this, the company's Hungarian operations, employing around 5,700 people, have not yet reported similar layoffs. Schaeffler has faced declining demand for internal combustion engines, leading to a 15% drop in profits. However, they are investing in electric vehicle components, with plans for new production facilities in Hungary, indicating potential growth. The overall employment decrease in Hungary is about 7% compared to last year, with a more significant 14% drop in Debrecen. The company is also expanding its logistics capabilities in Szombathely.