German automotive supplier Schaeffler has announced plans to cut 4,700 jobs in Europe and close two facilities in response to challenging market conditions and increasing global competition. This decision follows the company’s recent merger with Vitesco, which also hinted at potential job losses. The restructuring will result in cost savings of approximately €290 million annually by 2029, affecting mainly ten sites in Germany and five others across Europe. The automotive sector is currently struggling with declining vehicle sales, particularly in Europe and China, prompting similar downsizing initiatives from other major players like Volkswagen.