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 around 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.
The news represents yet another knock to Europe’s biggest economy, where storied manufacturers face a perfect storm of competition from Chinese rivals, traditional disadvantages such as steep labor costs and high taxes and energy costs driven higher by Russia’s full-scale invasion of Ukraine in 2022. Last week, tens of thousands of workers at Volkswagen, Germany’s largest manufacturer, took part in strikes at plants across the country.
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