The global leader in automotive equipment, Bosch, announced this Friday that it plans to cut 5,550 jobs worldwide, mainly in Germany, due to difficulties in the new vehicle market.
The reduction in Bosch’s workforce will primarily occur by 2030. “Global vehicle production is expected to stagnate this year at around 93 million units, and it may even decrease compared to the previous year”, the German group explained in a statement.
The German brand also warns that in Europe, “the industry competes with suppliers who, due to their production in countries with lower cost structures, have clear advantages”.
The announcement from the German group comes at a time when the automotive industry is experiencing a decline in demand for electric vehicles, as well as delays in the transition to electric mobility and increased competition from Chinese manufacturers.
