The industrial Bosch, world leader in automotive equipment manufacturers, announced on Friday November 22 that it was planning 5,550 new job cuts worldwide, mainly in Germany, while a wave of social plans affects the entire sector in Europe.
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The company based in Baden-Württemberg in the southwest of the country had already announced 7,000 job cuts in the spring. On Friday, November 22, Bosch made public a new wave of workforce reductions that were almost as significant. The elimination of 5,500 positions worldwide, the vast majority of which Germanywould take place by 2030.
“ Global vehicle production will stagnate this year at around 93 million units, or even decline slightly compared to the previous year », Explained the German group in a press release.
3,850 jobs lost in Germany
Among the jobs affected by these new announcements, 3,850 are in Germany, notably in the factories in Hildesheim (north) and Schwäbisch Gmünd (south). The jobs affected by these new announcements concern the group’s automotive division in activities related to the electrification of vehicles. The unit which develops software for autonomous driving is also hit.
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The German economy, of which the automobile industry is one of the pillars, is particularly affected by the sector’s difficulties. Like other companies, Bosch is suffering from falling demand, the delay in the transition to electric and Chinese competition which produces at significantly lower costs.
Other German auto parts manufacturers have also announced job cuts in recent months, such as Continental, Schaeffler and ZF.
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