FRANKFURT — German car supplier ZF Friedrichshafen plans to slash up to 15,000 careers, or close to ten per cent of its perform drive, by 2025 as a outcome of a slump in demand from customers, according to a firm memo.
ZF, which allows automakers create gearboxes and hybrid drivetrains, explained in an email to workforce that fifty percent of the 12,000-15,000 career cuts would be in Germany.
The firm employed 147,797 people at the end of 2019, according to its once-a-year report.
“As a outcome of the demand from customers freeze on the purchaser side, our firm will make weighty monetary losses in 2020,” CEO Wolf-Henning Scheider wrote in the email memo that was found by Reuters.
“These losses threaten our monetary independence,” he wrote. “The disaster will final for a longer time, and even in 2022 we will slide significantly brief of our targets for profits.”
A spokesman declined to remark.
German media like DPA and Suedkurier first noted the prepared cuts.