Schaeffler AGSHA0
▼ NegativeDemandrelevance
Weak automotive and EV demand drives job cuts and losses in electric drive systems.
Impact on stocks 1
Electrification & Mobility
Schaeffler AGSchaeffler AG, a major German automotive parts supplier, is set to reduce its workforce in the country by around 1,300 people, or about 1.2 percent of total staff, through an expanded early retirement programme to cope with persistently weak demand in the automotive industry, especially in the electric vehicle market. The company said the programme will result in special expenses of around 51 million euros this year, but cost savings are expected to materialise from 2027 onwards. Chief Executive Officer Klaus Rosenfeld said the headcount reduction plan will be phased in over four years and is not a short-term measure. Although the electric drive systems business saw higher revenue, it remained loss-making in the first half of the year as demand for electric vehicles was still lower than expected.
Schaeffler AGWeak automotive and EV demand drives job cuts and losses in electric drive systems.