German auto supplier ZF Friedrichshafen will cut 7,600 jobs in its electrified powertrain technology unit by 2030 to reduce costs by over 500 million euros. The company will also reduce working hours and delay wage increases as part of the restructuring deal with its works council and labour union IG Metall. ZF will keep the powertrain technology unit in-house after abandoning plans to spin it off. New CEO Mathias Miedreich takes over amidst industry challenges, with rival Bosch also announcing job cuts. The agreement aims to support employees with early retirement options and retraining opportunities.

Read more at Yahoo Finance: Auto supplier ZF Group to cut 7,600 jobs in powertrain unit by 2030