Major German automotive supplier cuts production of EV parts

Sales drop 

Yesterday we wrote about the declining demand for electric cars in Germany.
In July, only 30,762 new electric cars were registered in our eastern neighbors, a sharp decline of 36.8 percent from July 2023.
German supplier Schaeffler expects this trend to continue and is taking measures.
CEO Klaus Rosenfeld says, “The hype around EVs has cooled a bit and we are now seeing hybrids becoming more popular again.”
Despite this shift, Rosenfeld emphasizes that automakers must still do their best to meet emissions requirements and that the electric car will certainly not disappear from the scene.

Financial update

Schaeffler, founded in 1946, is a major German automotive and industrial supplier specializing in bearings, drive systems, engine and chassis components, and parts for hybrid and electric vehicles.
Schaeffler makes parts for brands such as Volkswagen, BMW, Mercedes-Benz, Ford, General Motors, Toyota, Honda, Hyundai-Kia, Renault-Nissan-Mitsubishi Alliance and Stellantis.
In the first half of this year, Schaeffler generated sales of 8.3 billion euros.

Read more: Decline in electric car sales Germany continues solidly