Schaeffler AG Stock News

Schaeffler plans to cut 3,460 jobs and close five European sites, with about 2,660 job cuts and four closures in Germany, ultimately reducing its workforce by 18% by 2028. The restructuring aims to address overcapacity and high costs as demand for combustion-engine components weakens and the shift to electric vehicles moves more slowly than expected.

The German auto industry supplier said that the environment is persistently challenging, with the overall market deteriorating and competition intensifying.

Schaeffler to cut jobs, close five plants in Europe as auto sector gloom deepens

ST. JOHN'S, Newfoundland and Labrador--(BUSINESS WIRE)--CoLab today expands its multi-year Schaeffler AG deal, merging three prior contracts—Schaeffler, Vitesco, Ewellix—into one global agreement.

The supplier to major automakers, including BMW, Volkswagen and Ford slashed its medium-term sales expectations against a darkening backdrop for the industry.

The next big bottleneck trade might have more to do with bearings than microchips.