Schaeffler Is Planning To Slash 1,300 Jobs Worldwide

A total of 1,300 jobs worldwide is being planned to cut by Schaeffler, of which 300 cuts will be in abroad. The decision of slashing is D]due to the transition towards electric mobility. 

The company further explained that the accelerated transition towards electrification in the automotive drive technologies segment is leading to overcapacity in products for internal combustion engine vehicles, "hence the need for further adjustments." 

The news of slashing isn't new in the German automotive and industrial supplier, in 2020 they announced the reduction of 4,400 jobs.

Though the transition has further boosted many job opportunities, but according to  Boston Consulting Group and German think tank Agora Verkehrswende 18.000 jobs are bound to get affected by 2023 in Germany alone