German automotive parts and technology giant Bosch has announced plans to lay off approximately 7,000 employees, citing financial challenges that may hinder the company’s ability to meet its economic targets in 2024. According to India Times, Bosch CEO Stefan Hartung confirmed that the job cuts would primarily affect its workforce in Germany, with the possibility of further reductions.
While Hartung stated it was uncertain if the affected employees would be rehired in the future, he also disclosed Bosch’s plans for a major acquisition. The company is set to acquire the Irish firm Johnson Controls for $8 billion, marking one of the largest acquisitions in Bosch’s history.
Bosch, known for producing a wide range of automotive products such as discs, brake pads, sensors, and safety systems, joins a wave of layoffs in the global automotive sector as companies navigate economic pressures and shifting market dynamics.
