German giant Bosch plans to lay off thousands of employees
Bosch, one of Germany's leading technology companies, is re-evaluating a layoff plan involving 7,000 people due to the crisis in the automotive sector and economic stagnation.
Stating that they will not be able to reach the economic targets they set for 2024, Bosch CEO Stefan Hartung emphasized that the possibility of layoffs has come to the agenda. While the company generated 92 billion Euros in revenue in 2023, it expects this figure to fall for 2024.
According to the report by Artı49, the difficulties in the automotive sector are affecting Bosch. The economic contraction has put the automotive supply chain and the mobility sector in a difficult position. Demanding economic support from the German government, Hartung said, "We must end the conflicts within the coalition and take steps to strengthen the industry."
While Bosch plans to reduce the weekly working hours of many employees in Germany from 40 to 35, this situation was met with major protests in March. Although the company is considering relaxing these practices in some regions to minimize layoffs, layoff and austerity measures continue in the automotive supply and home appliances sectors.
News Source: 12punto
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