ZF to cut up to 15,000 jobs by 2025, report says

FRANKFURT — German auto provider┬áZF Friedrichshafen plans to chop as much as 15,000 jobs, or round 10 % of its work pressure, by 2025 because of a hunch in demand, in response to an organization memo.

ZF, which helps automakers develop gearboxes and hybrid drivetrains, mentioned in an e-mail to staff that half of the 12,000-15,000 job cuts could be in Germany.

The corporate employed 147,797 folks on the finish of 2019, in response to its annual report.

“On account of the demand freeze on the shopper aspect, our firm will make heavy monetary losses in 2020,” CEO Wolf-Henning Scheider wrote within the e-mail memo that was seen by Reuters.

“These losses threaten our monetary independence,” he wrote. “The disaster will last more, and even in 2022 we are going to fall noticeably in need of our targets for gross sales.”

A spokesman declined to remark.

German media together with DPA and Suedkurier first reported the deliberate cuts.

Source link