Business · Companies · 1 hr ago
Schaeffler plans to cut 3,500 jobs across Europe
Schaeffler plans to cut about 3,500 jobs across Europe, with 2,660 of them in Germany.
The German automotive supplier says the cuts are part of a cost-saving programme aimed at reducing annual costs by €300 million.
The company is responding to a prolonged crisis in the car industry, as falling sales have led automakers to reduce orders from suppliers.
Schaeffler recently ended an earlier severance programme, but it says further restructuring is needed.
Chief Executive Klaus Rosenfeld has also called on employees to accept concessions.
The announcement sets out the planned cuts and savings, but gives no further details on what happens next.
Schaeffler plans to cut about 3,500 jobs across Europe, with most of the reductions in Germany.
The company said 2,660 jobs will be cut in Germany.
Spiegel reported a total of 3,460 European job cuts, while Handelsblatt described the plan as around 3,500.
Schaeffler also plans to restructure or reduce production at several German sites and close four German plants, according to Spiegel.
The company says the savings programme is intended to address the continuing crisis in the automotive industry.
- Who
- Schaeffler, the automotive and industrial supplier.
- What
- It plans to cut about 3,500 jobs across Europe, including 2,660 in Germany.
- When
- The company announced the programme on Tuesday, 3 November 2026.
- Where
- Across Europe, with most job cuts in Germany.
- Why
- To reduce costs amid the continuing crisis in the automotive industry.
This story does not have two clearly opposing sides.
Schaeffler had to reduce its medium-term targets for 2028.
Schaeffler announced a new cost-cutting programme that includes job cuts across Europe.
- Planned European job cuts
- 3,460, according to Spiegel; around 3,500, according to Handelsblatt
- Planned job cuts in Germany
- 2,660
- Share of German workforce affected
- Around 9% of nearly 32,000 employees
- Annual cost savings sought
- €300 million
- German plants to close
- 4, according to Spiegel
3 sources
What people are saying
Without the solidarity contribution, the job cuts would have been even larger.