Automotive industry: Schaeffler writes off millions due to China – forecast confirmed
Due to the weaker electric car business in China, Schaeffler is writing off millions. The write-offs mainly related to production facilities.
Schaeffler, an auto parts supplier, has taken millions of euros in write-offs due to weaker electric vehicle business in China. The company reported 240 million euros in special write-offs and provisions, with 220 million euros of that in the third quarter. The write-offs are mainly related to production facilities that are no longer needed due to declining projects, primarily from European automakers in China.
Schaeffler's CEO, Klaus Rosenfeld, stated that the company is adjusting its capacities and portfolio in response to changing market conditions. The company's profit margin was 4.5 percent in the first nine months, excluding one-time effects.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
