As part of its aims to save €2.5 billion (£2.06 billion), Bosch is planning to lay off 13,000 employees. The engineering behemoth claimed that pressure from competitors and a stagnant market were the causes of the losses in its mobility division in Germany, which supplies software and automotive parts. The market is now more competitive due to companies like China’s BYD and Tesla.
It also attributed higher expenses to tariffs imposed by US President Donald Trump. Bosch stated that it would “reduce costs at all levels as quickly as possible” in order to close a €2.5 billion (£2.06 billion) “cost gap” in its automotive division. In addition to the job cuts, the company said it wanted to decrease investments in its production facilities and buildings as it had seen a “sharp decline in demand” for its products.
By December 2024, the company employed 418,000 people worldwide. Bosch stated that its recent statement will “continually assess” its operations as they were “dependent on customer demand and developments in our markets,” but it would not be affecting any jobs in the UK. “The global vehicle market continues to see subdued development,” it stated. “Unfortunately, we will not be able to avoid further job cuts beyond those already communicated,” stated Stefan Grosch, head of industrial relations and a member of the Bosch board of management.
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