ZF – the German company best-known for its transmission products – says it will cut 7 600 positions at one of its German facilities. While in Mzansi we know ZF for its gearboxes, the company also produces braking systems, dampers, and electric powertrains. The latter is where these positions are going to be cut.
With the global demand for electric cars slowing down significantly over the past few months, companies like ZF that supply this segment have been left in the lurch, following heavy investments in this area. As such, ZF says it will redirect much of its business towards hybrid powertrains, which have made a strong return to the market.