By consolidating and restructuring the merged businesses, Schaeffler aims to reduce its outgoings by about EUR290m per annum by 2029.

SKF intends to divide its Industrial and Automotive business segments, allowing them to operate as separate companies.

The reason: Hino Motors concluded that it is “unlikely that the business of Shanghai Hino will grow in a sustainable manner” due mainly to growing sales of electric-powered commercial vehicles and construction machinery in China.

In the future, the former Van Hool facility will produce stainless steel tankers, whereas GRW will produce aluminium products at its own facilities, said GRW CEO Gerhard van der Merwe.

The commercial electric vehicle manufacturer says it will reduce the number of employees across multiple sites by 20% overall as part of its cost-cutting measures.

Northvolt says it must reduce its total workforce by 20% and its Swedish workforce in particular by 25% to stay afloat.

Siemens aims to transform the eMobility business into a “more agile, focused and efficient market player” with greater freedom to pursue external partnerships.

The slower-than-expected transition to electric vehicles is one of the main factors behind the decision to restructure the business, though Northvolt’s CEO and co-founder, Peter Carlsson, said, “there remains no question that the global transition towards electrification — and the long-term outlook for cell manufacturers, including Northvolt — is strong”.

The company cut 300 jobs in the U.S. and Canada amid financial pressure as it seeks profitability. The cuts came in the manufacturing and administrative segments of the business.

The formal split and formal establishment of the two entities will take place at the start of the next fiscal year, i.e. April 1, 2025.

On 9 August, the Royal Bank of Canada and Export Development Canada served Vicinity Motor letters demanding full and immediate payment of outstanding debt balances, totalling nearly USD28m.

Across its many German locations, ZF intends to shed between 11,000 and 14,000 employees over the next four years (from a current total of approximately 54,000) in order to cut costs and consolidate its operations.