Germany's ZF Group announces massive layoffs

ZF, a well-known German automotive parts supplier, announced the largest layoff plan in its history on the 26th. It is expected that by the end of 2028, the number of layoffs across Germany will reach 11,000 to 14,000. The layoffs mainly involve the production department and the R&D department. The company hopes to reduce operating costs by integrating various bases and streamlining management personnel. In addition, if some bases cannot see long-term development prospects, they will also face the risk of closure. ZF Group has approximately 169,000 employees worldwide, including approximately 54,000 employees in Germany. The group has operations in more than 160 production bases in 31 countries. In last year's financial report, the company's turnover reached approximately 46.6 billion euros.