Bosch plans thousands more cuts amid weak EV demand
The Peninsula
Berlin: Germany s Bosch said Friday it planned to cut thousands of jobs in its automotive businesses as car suppliers struggle to manage the difficult...
Berlin: Germany's Bosch said Friday it planned to cut thousands of jobs in its automotive businesses as car suppliers struggle to manage the difficult transition from combustion engines to electric vehicles.
Some 5,500 jobs would be axed worldwide, with the majority in Germany, according to figures provided by the company.
Weak demand for electric vehicles had a "direct impact" on the number of orders placed by manufacturers with Bosch, the group said in a statement.
At the same time, Bosch said it was having to make significant investments in new technologies, making the financial position in certain fields of operation more difficult.
"We must adapt our structures to the changing market environment and reduce costs sustainably to strengthen our competitiveness," Bosch manager Stephan Hoelzl said in a statement.
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