Schaeffler Group cuts 4,700 jobs due to European auto industry downturn

Germany's Schaeffler Group announced on Tuesday that it will lay off about 4,700 employees and close two factories due to the downturn in the European automotive industry. The layoffs include about 2,800 people in Germany. Schaeffler is a world-renowned German company, mainly active in automobile manufacturing, industrial manufacturing and aerospace, especially in the automotive industry. With its professional technology in the overall power system of cars and trucks, it has become a reliable partner of almost all automakers and other major suppliers.