Economy · Herzogenaurach, Germany · November 3, 2026

Schaeffler cuts 3,460 jobs and closes five plants

Reported by 1 outlet · under-reported · first reported Nov 3, 9:08 AM ET

German supplier Schaeffler will close five plants across Europe and cut 3,460 jobs. It aims to compete with China on cost and expand into defense and robotics.

Why it matters

It adds to job losses in Germany's car industry.

Background

European carmakers and suppliers face Chinese competition.

Sources

• CNBC ↗Nov 3, 9:08 AM ET

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