Bosch plans layoffs amid sluggish economic growth, impacting 950 in Germany
According to "Automotive News Europe", Bosch is contemplating layoffs over the next three years. This is a response to escalating expenses and decelerating economic growth.
11:29 AM EST, January 24, 2024
A sluggish economy compounded by high inflation due to increased energy and raw material costs necessitates increased cutbacks at Bosch in departments dealing with autonomous driving technologies - as mentioned in the official announcement.
Discussion on reducing staffing levels has already begun with affected employees. It will be a gradual process continuing until 2027 and is expected to impact at least 950 people in Germany alone. The final tally is yet unknown.
The conditions under which these reductions will occur remain unclear. There is a possibility that voluntary redundancy packages or early retirement could be the initial proposals.
Bosch, the world's foremost supplier of auto parts with annual sales totaling $50.46 billion, has been unable to avoid the consequences of the crisis. Even the industries' giants are compelled to make tough decisions.
