German industrial behemoth plans additional layoffs, according to reports
Bosch has indicated that as many as 10,000 jobs might be in jeopardy in the next few years as a result of a sluggish global economy.
TroibNews 
Bosch, recognized as the largest automotive supplier globally by revenue, is reportedly contemplating further job reductions across multiple locations due to stagnating global sales and a worsening economic situation in Germany, as reported by Stuttgarter Zeitung.
Although the specific number of layoffs has not yet been confirmed, this potential move would be an addition to the company's ongoing workforce cuts. In November, the Stuttgart-based firm revealed plans to reduce its workforce by 5,500 jobs over the coming years.
CEO Stefan Hartung explained that the sluggish global economy, along with stagnation in the automotive sector and intensifying competition from China and consumer uncertainty, are factors driving this decision. The industry is also facing challenges related to a slower transition to electric vehicles than anticipated.
"We will not be able to avoid further job cuts," he stated in an interview with the outlet on Sunday.
Hartung emphasized the transition from combustion engines to electric power, pointing out that it will inevitably lead to significant job losses.
Additionally, he remarked that the sluggish uptake of e-mobility might allow existing production of combustion engines to continue at full capacity for a longer period than expected, meaning some employees will retire before their roles are phased out due to this industry transition.
In the past two years, Bosch has consistently announced job cuts, warning last year that as many as 10,000 positions could be at risk.
Preliminary estimates indicated that the company's earnings before interest and taxes fell by a third to €3.2 billion last year, according to the outlet.
These planned layoffs from Bosch reflect the mounting pressures facing the German automotive industry.
The struggling automotive sector in Germany has sparked concerns regarding the stability of the European Union’s largest manufacturing economy. Escalating costs have resulted in shutdowns and bankruptcies affecting major players such as Volkswagen.
Earlier this year, the Handelsblatt Research Institute cautioned that the German economy could be on track for its longest post-war recession, forecasting a third consecutive year of contraction in 2025.
Sanya Singh for TROIB News
Although the specific number of layoffs has not yet been confirmed, this potential move would be an addition to the company's ongoing workforce cuts. In November, the Stuttgart-based firm revealed plans to reduce its workforce by 5,500 jobs over the coming years.
CEO Stefan Hartung explained that the sluggish global economy, along with stagnation in the automotive sector and intensifying competition from China and consumer uncertainty, are factors driving this decision. The industry is also facing challenges related to a slower transition to electric vehicles than anticipated.
"We will not be able to avoid further job cuts," he stated in an interview with the outlet on Sunday.
Hartung emphasized the transition from combustion engines to electric power, pointing out that it will inevitably lead to significant job losses.
Additionally, he remarked that the sluggish uptake of e-mobility might allow existing production of combustion engines to continue at full capacity for a longer period than expected, meaning some employees will retire before their roles are phased out due to this industry transition.
In the past two years, Bosch has consistently announced job cuts, warning last year that as many as 10,000 positions could be at risk.
Preliminary estimates indicated that the company's earnings before interest and taxes fell by a third to €3.2 billion last year, according to the outlet.
These planned layoffs from Bosch reflect the mounting pressures facing the German automotive industry.
The struggling automotive sector in Germany has sparked concerns regarding the stability of the European Union’s largest manufacturing economy. Escalating costs have resulted in shutdowns and bankruptcies affecting major players such as Volkswagen.
Earlier this year, the Handelsblatt Research Institute cautioned that the German economy could be on track for its longest post-war recession, forecasting a third consecutive year of contraction in 2025.
Sanya Singh for TROIB News
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