Automotive supplier Schaeffler is cutting 3,460 jobs and closing four locations in Germany

The automotive and industrial supplier Schaeffler is cutting 3,460 more jobs in Europe, including around 2,660 in Germany. In addition, four locations in Germany are to be closed, as the company announced.

With these measures, Schaeffler wants to simplify the company structures and adapt research and development activities to the lower demand. From 2030 onwards, this should save around 300 million euros annually. Initially, the group expects one-off expenses of around 480 million euros.

European auto suppliers are under pressure from weak vehicle demand, increasing competition from China and the slower-than-expected transition to electric cars. Schaeffler is suffering from falling demand for components for internal combustion engines.