Auto Supplier ZF Slashes 7,600 Jobs in Cost-Cutting Push (1)

ZF Friedrichshafen AG is cutting 7,600 positions at its electrified drivetrain division as the German car-parts maker steps up its restructuring efforts to deal with poor demand.

Labor leaders have signed off on the reductions, which are part of a previously announced plan to let go as many as 14,000 workers this decade. Additional savings measures include delaying wage increases and reducing working hours in Germany, ZF said Wednesday. They’re expected to slash more than €500 million ($588 million) in costs by 2027.

“We need to get through this,” Chief Executive Officer Mathias Miedreich said in a press conference. “It’s ...