Bosch undertakes large-scale layoffs.

The German automotive giant Bosch has announced drastic measures in response to economic challenges and changes in the automotive industry. The company plans to cut over 7,000 jobs, while an additional 10,000 employees will transition to reduced working hours, which will also affect their salaries.

Economic Pressure and Industry Changes

Bosch, one of the leading manufacturers of automotive components in Europe, is feeling significant economic pressure. The transition to electric mobility, increased competition from affordable Chinese cars, and potential trade tariffs on European vehicles in the U.S. are threatening the company's business.

According to company representatives, Bosch will not achieve its economic targets for 2024. The main reason for this is that Chinese electric vehicles do not use components from European manufacturers, which reduces the demand for key products offered by Bosch.

Layoffs and Reduced Working Hours

Starting in the spring of 2024, around 450 employees in Germany will transition to reduced working hours, from 38-40 hours per week to 35 hours. Subsequently, this measure will affect over 10,000 workers across various company sites.

Bosch's intentions have sparked a strong reaction from the IG Metall union and other labor organizations. They have declared that they will fight against the layoff plans "at all levels" and will push for the preservation of jobs.

Will employees in Bulgaria be affected?

So far, there is no information on whether the measures will affect Bosch's factories in Bulgaria, which are key to the production of automotive components. The company's management has not yet commented on any potential changes to the employee structure in the country. Bosch, which ranks 24th by revenue in Europe, is the latest major player in the automotive industry to take radical measures in response to global changes and economic challenges. These actions signal the growing problems in the automotive sector across the Old Continent.