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
