German auto parts supplier Bosch may cut more jobs as business continues to struggle
Bosch, the supplier of Germany’s major car brands Volkswagen and BMW, may cut more jobs in addition to the more than 7,000 already announced, due to pressure on business, RIA Novosti reports
“Increased trade with the world also means reduced capacity in the domestic market. Bosch is forced to cut over 7 thousand jobs in Germany because business is under pressure. I cannot rule out that we will have to further adjust personnel capacities,” Chairman of the Robert Bosch GmbH Management Board Stefan Hartung said in an interview with Der Tagesspiegel.
He noted that Bosch will not reach its economic targets in 2024, and year-on-year sales will be slightly lower than in 2023, “The situation is certainly difficult for the industry as a whole around the world.”
Mr. Hartung cited high energy prices, taxes and fees, German bureaucracy, over-regulation, global protectionism and social uncertainty among the reasons.
“We should move from words to actions and implement concrete measures before the Bundestag election in order to strengthen the economy in the short and long term. An industrial pact can only be successful if we put aside party-political differences and dedicate ourselves to the cause,” said the head of the concern, which supplies its products to Volkswagen and BMW automakers.
