Electric car woes force German supplier ZF to axe jobs

BERLIN, July 26 (AFP): German car parts manufacturer ZF said Friday it would cut a fifth to a quarter of jobs in Germany as it struggled with the switch to electric vehicles and foreign competition.

"The number of employees in Germany is to be successively reduced by 11,000 to 14,000 from the current level of around 54,000 by 2028," ZF said in a statement.

The decision to significantly reduce the size of its domestic workforce was needed to "respond to the changes in the mobility sector, particularly in the field of electromobility", ZF said. The move was "difficult but necessary", ZF chief executive Holger Klein said in a statement.