German technology giant Bosch plans to cut its workforce by 5,500 employees in its global operations.
Bosch, the world's largest automotive supplier in terms of revenue, will cut back on services related to self-driving car technology and steering products in Germany, according to a statement from the German IG Metall union.
3,800 of the jobs to be eliminated are in Germany, according to a Bosch spokesperson.
The company states in a statement that the automotive industry is "suffering from significant overcapacity", and that competition and price pressure have continued to increase. The company adds that the final number of jobs to be eliminated will be determined in negotiations with union representatives.
Privately-owned Bosch manufactures components found in virtually all of the 1.5 billion vehicles in operation worldwide.
