Bosch to Cut 6,000 Jobs as Auto Supplier Retools for ‘New World’

Crisis-hit automotive supplier Bosch has announced plans to cut around 6,000 jobs worldwide as the German firm retools to cope with the transition to electric vehicles (EVs).

The company said the move was part of a “comprehensive restructuring program” and would affect its powertrain division, which makes components for combustion engine vehicles.

The cuts will be made across Bosch’s global operations, including in Germany, where the company is headquartered.

Bosch, which employs around 403,000 people worldwide, said the decision was “painful” but necessary to ensure its long-term competitiveness.

“The automotive industry is undergoing a profound transformation,” said Bosch CEO Stefan Hartung. “We are taking decisive action to shape this transformation and to emerge from it as a stronger company.”

Hartung said Bosch was investing heavily in new technologies, including electrification, software, and artificial intelligence (AI).

“These investments will create new jobs and secure our future,” he said.

The job cuts come as the automotive industry grapples with a number of challenges, including the rising cost of raw materials, the global chip shortage, and the transition to EVs.

Bosch is not the only automotive supplier to announce job cuts in recent months. Continental, another German supplier, said in March that it would cut 13,000 jobs.