Bosch said that it can implement furlough measures for 650 workers at Ansbach site in Germany if needed. This comes as number top-ranked companies have announced job cuts and strict downsizing measures. Bosch last year had about 418,000 employees globally.
Earlier in September, Germany’s Robert Bosch will cut 13,000 jobs as the world’s top autos supplier battles a sluggish market, high costs and pressure from rivals that have left it with an annual cost gap of 2.5 billion euros ($2.9 billion).
The company has previously said it expects to “fight over every cent” in a cut-throat market as demand remains weak and trade barriers exacerbate an already challenging economic environment.
Bosch said in a statement it wants to reduce costs as quickly as possible. As well as job cuts, it wants to reduce material and operating costs, lower investments in facilities and buildings, and streamline logistics and supply chains.
It will cut jobs at various German locations on various timelines until the end of 2030, it said. Significant overcapacity have existed for some time in administration and sales, and in development and production due to the drop in demand, it said.
CEO Stefan Hartung told Reuters earlier this year there would be “structural adjustments”, while forecasting Bosch’s revenues would grow about 2 per cent in 2025 from last year’s 90.5 billion euros.