Schaeffler AG Unveils New Performance Improvement Program Amid Industry Crisis

Schaeffler AG has announced a comprehensive performance improvement program in response to the ongoing automotive industry crisis in Europe. The initiative focuses on reducing overcapacity, personnel costs, and organizational complexity amid declining demand for combustion engine vehicles and lagging electric mobility growth. As part of these measures, Schaeffler will cut 3,460 positions across Europe, including 2,660 in Germany, and close four locations in the country.

This restructuring is expected to yield 300 million euros annually in earnings improvements by 2030, despite incurring one-time expenses of around 480 million euros. The program also requires a solidarity contribution, including temporary compensation reductions across all levels. Schaeffler confirms its commitment to operating efficiently in Germany, aiming to offset job reductions by creating roles in new growth sectors.