Bosch Layoffs: 5,000 Employees To Be Laid Off by German Multinational Tech and Engineering Firm To Reduce Costs, Stay Competitive in Industry Amid Automotive Industry Crisis

Gerlingen, November 24: Bosch, a German multinational engineering and tech firm, is aiming to cut 5,000 roles in its latest round of layoffs. The Bosch layoffs were expected to affect around 7,000 global employees as the company tried to reduce its costs and stay competitive in the worldwide market. A Bosch spokesperson said that the planned job cuts would affect around 5,000 people globally.

According to a report by Deutsche Welle (DW), Bosch layoffs will affect 3,800 jobs in Germany and the number of job cuts would be negotiated in talks with the representatives of the workers. The global firm aims to make significant investments in new technologies, and the announcement of the layoffs could help it save some money. Bosch Layoffs: German Tech Conglomerate To Lay Off 7,000 Employees From ‘Automotive Supply Sector’ Amid Lower Returns on Sales Expected in 2024.

Bosch Manager Stephen Holzl reportedly said that the company must adapt its structures to the changing environment and also reduce its costs. These actions, according to the manager, would help Bosch to strengthen its competitiveness. The report highlighted that the company also pointed to stagnation in the market. They said that in 2024, around 93 million units of global vehicle production would stagnate and might decline slightly from the previous year.

Bosch said that the manufacturers would need fewer parts to make EVs and move towards being labour-intensive. Besides the previously rumoured 7,000 job cuts and now 5,000, the company will reportedly reduce 1,300 jobs between 2027 and 2030 at its car and truck steering systems division in Schwabisch Gmund. In 2023,  the workforce reduction by Bosch led to 1,500 workers. Ford Layoffs: US-Based Automobile Giant Planning Job Cuts of 4,800 Employees in Germany, UK Amid Its Struggles With Passenger Vehicle, Lower Demand.

Frank Sell, the head of the workers' council for Bosch's Germany automotive division, termed the planned layoffs as a "slap in the face" and said he would resist the company's move. The Bosch layoffs have been introduced by the company amid the ongoing crisis in the German auto industry, which has affected many other manufacturers in the country. 

(The above story first appeared on LatestLY on Nov 24, 2024 11:52 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).