Schaeffler to slash 3,460 jobs in Europe amid auto industry downturn

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The restructuring aims to reduce excess ‌capacity, lower personnel ​costs and simplify the ⁠organization

By Reuters

Updated - November 03, 2026 at 12:56 PM.

Schaeffler said on ​Tuesday ⁠it would cut 3,460 jobs in Europe, ‌including about 2,660 in ‌Germany.

German machine and ​car parts ‌maker Schaeffler said on ​Tuesday ⁠it would cut 3,460 jobs in Europe, ‌including about 2,660 in ‌Germany, in ‌response ⁠to weakened demand ⁠for combustion-engine cars, slower-than-expected adoption of electric ​vehicles ‌and intense industry competition.

The restructuring aims to reduce excess ‌capacity, lower personnel ​costs and simplify the ⁠organization. Schaeffler expects the measures to ‌deliver annual savings of about €300 million ($336 million) by 2030, with one-off ‌costs of roughly €480 ​million, most of which ⁠will be booked ⁠in 2026.

Published on November 3, 2026

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