The world’s largest auto parts manufacturer Robert Bosch announced on Saturday that it will reduce the working hours of approximately 10,000 employees in Germany.
Earlier on Friday, Bosch announced that it would cut its workforce by 5,500 people. Layoffs and reduced working hours indicate the problems of the German car industry, Reuters news agency reports.
The European car industry is being strangled by weak demand for vehicles and cheaper car models coming from China.
Source: Reuters