German car company Schaeffler to cut 1,300 jobs worldwide

BERLIN, Nov. 8 (Xinhua) -- Due to the transition towards electric mobility, Schaeffler will cut a total of 1,300 jobs worldwide by 2026, the German automotive and industrial supplier said on Tuesday. 300 of these job losses will occur abroad, Schaeffler said.

The company said 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."