More than 8,000 job cuts planned by another top German manufacturer

Thousands of jobs are on the chopping block at German industrial giant Bosch in yet another blow to the country’s beleaguered economy.

Thousands of jobs are on the chopping block at German industrial giant Bosch in yet another blow to the country’s beleaguered economy. A spokesperson for the company told CNN Wednesday that it plans to cut a total of 8,250 jobs globally over the coming years. The axe will fall in what it calls its Mobility business sector, which supplies parts to automakers around the world, as the business grapples with sluggish demand, high costs and intensifying competition. “The difficult economic environment and the ongoing transformation in the automotive industry are presenting us — like other companies — with major challenges. It is important for us to remain competitive under these conditions,” Bosch said in a statement. “The mobility sector is undergoing a profound transformation,” the company added. The planned cuts, some of which were announced earlier this year, represent almost 2% of Bosch’s global workforce, which totaled just over 429,000 at the end of 2023. The 138-year-old firm also makes a raft of consumer goods, including refrigerators and coffee machines, as well as machinery for other companies.