Economy and macroUpdated November 3

Schaeffler plans 3,460 net cuts and five closures.

There’s a squeeze from both sides in Schaeffler’s account: demand for combustion-engine vehicles has weakened, and the ramp-up of electric mobility has been delayed. The company also points to a market downturn, intensifying competition and personnel costs in Germany that it says are above average. Its new performance-improvement program plans a net reduction of 3,460 positions across Europe, about 2,660 of them in Germany. The plan affects 16 European locations and would close five sites, four in Germany. Germany is where the planned job reduction and most of the closures converge.

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Coverage started November 3