Schaeffler to Lay Off 4,700 Workers Amid European Auto Sector Challenges - Equitypandit

Schaeffler to Lay Off 4,700 Workers Amid European Auto Sector Challenges – Equitypandit

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Schaeffler, a German machine and car parts manufacturer, announced plans to lay off 4,700 employees in Europe after its operating profit nearly halved in the third quarter, reflecting difficulties in the European automotive industry.

Schaeffler stated that the layoffs are a response to a tough market, increasing global competition, and ongoing changes in the automotive supply industry.

The European auto sector faces challenges such as high production costs, the transition to electric vehicles, declining demand, and rising competition from China.

Volkswagen is considering plant closures in Germany due to high labour and energy costs and is negotiating with unions over a potential 10% wage cut.

Schaeffler plans to reduce its workforce in Germany the most, with around 2,800 layoffs across ten sites.

The remaining job cuts will occur across Europe, including two site closures, though Schaeffler did not disclose their locations.

Around 1,000 jobs will be cut through displacements, resulting in net layoffs of 3,700 employees, or 3.1% of Schaeffler’s total workforce of 120,000.

Schaeffler’s workforce has grown following its merger with electric powertrain specialist Vitesco.

The layoffs coincide with Schaeffler finalising its merger, which is expected to reduce some administrative jobs.

The company aims to save approximately 290 million euros ($315.4 million) annually by the end of 2029 through its efficiency plan, which will cost around 580 million euros.

Schaeffler’s earnings before interest, taxes, and special items fell by 44.9% to 187 million euros in July-September, missing analysts’ expectations of 209.4 million euros.

Schaeffler’s results reflect the challenges faced by other automotive suppliers like Sweden’s SKF and France’s Valeo, which have also reported disappointing quarterly results due to weak sales in Europe and China.

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