Schaeffler to Cut Thousands of Jobs in Germany as It Seeks €300 Million in Annual Savings

The automotive supplier is launching another restructuring programme in response to the industry crisis. Schaeffler says the plan is intended to reduce costs by €300 million a year, while CEO Klaus Rosenfeld is calling on employees to make sacrifices.

3 Nov 2026

Schaeffler plans to cut thousands of jobs in Germany as part of a new savings programme aimed at helping the automotive supplier weather the continuing crisis in the sector. The company announced the plan on Tuesday, confirming details previously reported by Handelsblatt, which cited company sources.

The programme is intended to lower costs by €300 million per year. The move follows the company’s decision in June to scale back its medium-term targets for 2028 and the early completion of a recent severance programme.

Those measures have not reduced costs enough to offset the worsening sales crisis in Germany’s automotive industry, according to the report. Carmakers facing weaker demand are also cutting back on orders from suppliers. Schaeffler CEO Klaus Rosenfeld has called on the workforce to accept sacrifices as the company undertakes its latest restructuring.

Sources: Handelsblatt.