The cuts correspond to approximately three percent of the company's workforce globally and are to be implemented by 2030. Primarily, the operations in Germany will be affected. This follows the fact that the company, despite thousands of layoffs in recent years, continues to be plagued by billion losses.
The move takes place against the backdrop of a pressured German industry struggling with tariff costs, declining demand and increasingly tough competition from China.
The geopolitical development and trade barriers that tariffs create significant uncertainties that all companies must relate to, says Markus Heyn, board member and responsible for Bosch's automotive business, to Bloomberg.
We expect the competition to increase further.
Bosch is one of the world's largest suppliers to the automotive industry and manufactures everything from spark plugs to software for self-driving cars.
