ZF automotive supplier will reduce up to 14,000 jobs in Germany
ZF will reportedly focus on retirement offers and not filling vacated positions during the restructuring process. "Settlement programs are also an option," the company stated. At the same time, more processes are to be automated and digitalized.
ZF CEO Holger Klein stated that he wants to "future-proof" ZF and "sustainably competitive" in the market. "Difficult, but necessary decisions" need to be made in the process. The closure of individual sites is not ruled out. Klein promised "the best possible solutions for all parties involved."
According to the reports, the background is the shift towards e-Cars. The competition and cost pressure in the field of automobile drives are reportedly very high, making it difficult to finance research and development in the e-segment. The e-Car sector is currently "little profit-margined" and the "dramatic demand slump for purely electric vehicles" is having an impact.
"Despite the current market situation, it is clear: Electromobility is the future," ZF CEO Holger Klein stated. "We have taken the lead in this area and will continue to invest heavily in it." In view of the challenging market situation, ZF is also open to "cooperations and strong partnerships."
ZF, an Automatic automobile supplier based in Friedrichshafen, Germany, announced plans to automate and digitalize more processes due to the restructuring process. The company mentioned that up to 14,000 positions might be affected, suggesting potential retirement offers or settlement programs.
ZF, eager to remain 'future-proof' and 'sustainably competitive' in the electric vehicle market, is considering automation and digitalization as a strategy. The CEO, Holger Klein, mentioned that for this, 'difficult but necessary decisions' need to be made, hinting at potential site closures.
During the restructuring, ZF, an Automatic automobile supplier, aims to reduce costs by automating processes and digitizing operations. This move is expected to be part of the company's strategy to remain competitive in the light of high cost pressure and less profit-margined e-Car sector.
