ZF Friedrichshafen is cutting 7,600 positions at its electrified drivetrain division as the German supplier steps up its restructuring efforts to deal with poor demand.
Labor leaders have signed off on the reductions, which are part of a previously announced plan to let go of as many as 14,000 workers this decade.
Additional savings measures include delaying wage increases and reducing working hours in Germany, ZF said Oct. 1. They are expected to slash more than €500 million ($588 million) in costs by 2027.
Privately held ZF, which is 94 percent-owned by the Zeppelin trust fund operated by the city of Friedrichshafen, has been struggling for a while. The company last month ousted its CEO Officer Holger Klein just days after he met with German Chancellor Friedrich Merz at the Munich IAA auto show.
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