Capital is fleeing
Fast Supplier
Companies in the so-called supplier industry are an important foundation for the entire German automotive industry. They manufacture vehicle components such as transmissions, tires, electronics or lighting, or supply the corresponding tools for production. Above all, they depend on the car companies, for better or worse. The industry is currently busy nationwide. dpa The number of employees is approximately 270,000. In 2018, the number of employees increased by 40,000.
In the current crisis, most small companies have responded faster than the Big Three: Volkswagen, BMW and Mercedes-Benz. Some, such as the world’s largest supplier, Robert Bosch GmbH, are generally on par with manufacturers. Companies such as ZF Friedrichshafen and Continental are also among the industry giants. There are also numerous small and medium-sized companies. However, due to the longer planning requirements of manufacturers, they are affected more quickly.
Bosch has already turned the page. The Stuttgart-based company wants to cut more than 7,000 jobs worldwide, most of them in Baden-Württemberg. Despite protests by thousands of employees in the spring, the company wants to stick to its plan. According to management, this step is necessary to remain competitive.
The lights are also going out on Lake Constance. As spring dawns, ZF Friedrichshafen announced that it will cut 11,000 to 14,000 jobs in Germany by the end of 2028, including the closure of a plant. “We know that we have to make difficult but necessary decisions,” she said. ARD CEO Holger Klein. As at Bosch and elsewhere, union and employee protests here have so far had no effect.
Continental in Hanover is taking a slightly different approach. The industry giant may want to completely spin off its automotive supply business and take it public. The only question is who will buy the stock if the industry downturn becomes more resilient. (kf)
