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Investing.com -- German auto supplier ZF Friedrichshafen will eliminate approximately 7,600 jobs in its electrified powertrain technology division by 2030 as part of a restructuring agreement reached with its works council and labor union IG Metall, the company announced Wednesday.
This workforce reduction is part of a larger initiative unveiled last year, in which ZF planned to eliminate up to 14,000 positions in Germany.
The auto industry has been facing challenges including weak demand for electric vehicles and global trade tensions.
The company also carries significant debt from previous acquisitions, adding to its financial pressures.
ZF Friedrichshafen has decided to maintain the electrified powertrain technology business within its corporate structure, abandoning earlier plans to spin off the division.
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