German industrial powerhouse declares additional layoffs, reports say
Bosch has indicated that as many as 10,000 jobs might be jeopardized in the coming years as a result of a slow global economy. Read Full Article at RT.com
TroibNews 
Bosch, the largest automotive supplier globally by revenue, is reportedly considering further job cuts at multiple locations due to stagnating global sales and a worsening economic climate in Germany, according to Stuttgarter Zeitung.
While the details regarding the number of layoffs remain unspecified, this potential move would add to the company's ongoing workforce reductions. In November, the Stuttgart-based firm announced plans to eliminate 5,500 jobs over the coming years.
Bosch CEO Stefan Hartung attributed these decisions to a sluggish global economy, stagnation in the automotive sector, escalating competition from China, and rising consumer uncertainty. The industry is facing a slower transition to electric vehicles than anticipated.
“We will not be able to avoid further job cuts,” he stated to the publication on Sunday.
Hartung pointed out that the shift from combustion engines to electric ones is likely to bring about substantial job losses.
He also noted that the unexpected pace of e-mobility adoption may permit existing combustion engine production to continue at full capacity longer than previously expected. Many workers might retire before their jobs are phased out due to this transition, he added.
Over the last two years, Bosch has repeatedly disclosed job reduction plans and emphasized last year that as many as 10,000 positions could be in jeopardy.
Initial estimates indicate that the company’s earnings before interest and taxes plummeted by a third to €3.2 billion last year, as reported by the outlet.
The planned job cuts highlight the increasing pressures facing the German automotive industry.
Concerns are mounting about the stability of the EU's largest manufacturing economy as Germany's auto sector struggles, compounded by rising costs resulting in shutdowns and bankruptcies among major players such as Volkswagen.
Earlier this year, Handelsblatt Research Institute cautioned that the German economy is on track for its longest post-war recession, predicting a third consecutive year of contraction in 2025.
Aarav Patel for TROIB News
While the details regarding the number of layoffs remain unspecified, this potential move would add to the company's ongoing workforce reductions. In November, the Stuttgart-based firm announced plans to eliminate 5,500 jobs over the coming years.
Bosch CEO Stefan Hartung attributed these decisions to a sluggish global economy, stagnation in the automotive sector, escalating competition from China, and rising consumer uncertainty. The industry is facing a slower transition to electric vehicles than anticipated.
“We will not be able to avoid further job cuts,” he stated to the publication on Sunday.
Hartung pointed out that the shift from combustion engines to electric ones is likely to bring about substantial job losses.
He also noted that the unexpected pace of e-mobility adoption may permit existing combustion engine production to continue at full capacity longer than previously expected. Many workers might retire before their jobs are phased out due to this transition, he added.
Over the last two years, Bosch has repeatedly disclosed job reduction plans and emphasized last year that as many as 10,000 positions could be in jeopardy.
Initial estimates indicate that the company’s earnings before interest and taxes plummeted by a third to €3.2 billion last year, as reported by the outlet.
The planned job cuts highlight the increasing pressures facing the German automotive industry.
Concerns are mounting about the stability of the EU's largest manufacturing economy as Germany's auto sector struggles, compounded by rising costs resulting in shutdowns and bankruptcies among major players such as Volkswagen.
Earlier this year, Handelsblatt Research Institute cautioned that the German economy is on track for its longest post-war recession, predicting a third consecutive year of contraction in 2025.
Aarav Patel for TROIB News
