The industrial giant Bosch, a global leader in automotive equipment, announced on Friday its plans to eliminate 5,550 jobs worldwide, predominantly in Germany, as the entire sector grapples with a wave of layoffs across Europe.
These job reductions are expected to occur primarily by 2030. “Global vehicle production is projected to stagnate this year at approximately 93 million units, reflecting a slight decline compared to the previous year,” the German company stated in a press release.
The automotive industry is currently facing decreased demand, delays in the transition to electric vehicles, and heightened competition from Chinese manufacturers.
In Europe, the group noted that “the sector is contending with suppliers who benefit from lower production costs in their countries, providing them with significant advantages.”
Bosch had previously announced several job-cutting initiatives globally in recent months, affecting around 7,000 positions overall, particularly within its automotive division, which generates nearly two-thirds of its revenue, as well as in the power tools and BSH home appliances sectors.
Among the positions affected by this latest announcement, 3,850 are located in Germany, specifically in the factories in Hildesheim (north) and Schwabisch Gmünd (south).
