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Schaeffler Cuts 1,300 Jobs During Industry EV Shift

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Nov. 10, 2022—Schaeffler has announced that it will cut 1.6% of its global workforce as the industry shifts toward electric vehicles. 

According to Reuters, the German automotive supplier cited "overcapacity in products for combustion-engine vehicles" as a factor in its decision to cut 1,300 jobs. Chief Executive Klaus Rosenfeld said that taking this action is "necessary to align the company for the future," according to Reuters. 

Schaeffler said that three quarters of the cuts will impact administration as well as research and development for internal combustion engines. The rest will be in production. Reuters reports that this restructuring will save Schaeffler around 100 million euros a year, which translates to $99.92 million in USD. 

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