November 23, 2024 - Bosch Group is accelerating its austerity measures, planning to cut an additional 5,500 jobs. The affected areas include software, electrical components, and steering systems, with German positions being hit particularly hard - over half of these layoffs are in Germany. The job cuts stem from weaker-than-expected demand for products like advanced driver assistance systems, which has impacted Bosch's production growth and automaker procurement data while requiring heavy investment in technological innovation.

Bosch had previously announced German layoffs, but this round far exceeds expectations. Negotiations with employee representatives have begun, with some employment protections applying, though the group's return targets for this year may not be met. Growth isn't expected to resume until 2026. The Hildesheim and Schwäbisch Gmünd plants are severely affected, with multiple future workforce adjustments anticipated. Combined with prior plans, Bosch will eliminate over 12,000 positions in coming years, about half at German facilities.