Media reports German multinational to cut down thousands of occupations

2024-11-26 07:07:56

(MENAFN) German auto parts supplier Robert Bosch plans to reduce its global workforce by 5,500 jobs in the coming years due to stagnating global auto sales, with 3,800 of these cuts expected in Germany. The layoffs will be focused on Bosch’s car software division, which will lose 3,500 jobs by 2027, half of them in Germany. Additionally, up to 1,300 jobs will be cut at the steering division by 2030. Bosch cited weak demand for electric vehicles and significant overcapacity in the automotive industry as factors contributing to the decision, as well as intensifying competition and price pressures.

The company’s management stressed the need to adapt to market changes and reduce costs to remain competitive. The German automotive sector is facing growing concerns, with other companies like Ford and Volkswagen also planning significant job cuts. The German Association of the Automotive Industry warned that the country’s competitiveness is at risk due to rising energy costs, with projections indicating up to 186,000 job losses in the sector by 2035.

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