German bearing manufacturer Schaeffler's profits fell sharply in 2018 due to weak market demand in Europe and China. So the company is considering closing five factories, reducing its product range and laying off 900 employees, 700 of whom are in Germany.

Schaeffler's auto sector slowed down in the second half of 2018, mainly due to the weakening market demand after the introduction of the new European emission standard WLTP; trade friction between China and the United States also damaged the order demand of the Chinese market. In addition, Schaeffler was particularly hit by the electrification of the automotive industry. Because unlike internal combustion engines, electric vehicles rarely use bearings.