Saturday, April 13, 2024

Crisis-ridden car company must save DKK 44 billion

The management at the gearbox manufacturer ZF has already informed its employees that there must be 44 billion kroner in savings within 2 years.

They have a reputation for building some of the world's best automatic transmissions. But a good reputation does not necessarily save the economy. And now German ZF has informed its employees that savings must be made.

And not just a little bit. An almost astronomical amount must be saved. Within the next few years, the management has set out to find 6 billion euros, equivalent to 44 billion kroner, in the company's operations.

This is written by several German media – including Südkurier .

On the basis of an internal memo, the media have sniffed out that ZF expects to save a lot of money and that 'all areas of the company may be affected in this regard'.

READ ALSO: Mercedes withdraws and loses control of car brand

The management will not protect any regions either. In other words, markets where the company is present. The company currently has around 165,000 employees.

The savings plan is an attempt to pay off the massive debt that ZF – or ZF Friedrichshafen AG – has, writes the newspaper.

According to the company's managing director Holger Klein, who took up his post in July 2022, ZF owes around 10.5 billion euros. This corresponds to almost 79 billion Danish kroner.

All in all, the car industry is a bloodbath of austerity plans at the moment. Also here at home, where dealers are being fired left and right. Some car brands have even disappeared from entire parts of the country. Read more about it here .

Read more news about the German car industry here!

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