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On November 27, BOSCH announced that it will lay off 5,500 employees globally, including cutting 3,800 positions in Germany. BOSCH China responded today that the layoffs will not affect the Chinese region.
According to Bloomberg, Bosch’s move comes at a time when the automotive industry is facing multiple challenges: slow progress in the transition to electric vehicles and consumer budgets being squeezed by rising living costs. Ford Motor Company has just announced plans to cut 4,000 jobs in Europe, accounting for 14% of its local workforce, while Volkswagen is considering unprecedented measures including closing factories in Germany.
Earlier this month, Bosch announced plans to cut 7,000 jobs at its German factories. Bosch CEO Stefan Hartung stated that the company will not be able to achieve its economic goals by 2024 and may further adjust its workforce. “In recent months, Bosch has repeatedly announced plans for global job cuts. The latest measures affect over 7,000 jobs in Germany, mainly in the automotive supply sector but also in the tools division and BSH subsidiary handling household appliances.
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