Bosch to cut 24,000 jobs in Germany by 2032

The German automotive components manufacturer Bosch plans to cut 24,000 jobs by 2032, driven by the crisis in Germany’s automotive industry and pressure from Chinese competitors, reports RIA Novosti.

In late September, the news agency DPA reported that Bosch would cut approximately 900 positions at its Nuremberg facility, in addition to a broader program to eliminate 22,000 jobs.

"Bosch will shed 24,000 jobs in Germany by 2032," the publication states.

This figure represents the total number of job cuts, accounting for recent decisions. The company cites the difficult situation within the automotive sector and competition from Chinese manufacturers—who are increasingly capturing the European market—as key reasons for the reductions.

In March, DPA reported that the elimination of 22,000 jobs would take place between 2029 and 2032, affecting both the company’s headquarters and its various production sites. The costs associated with these job cuts are expected to reach 2.7 billion euros.

In mid-August, Germany’s Federal Statistical Office (Destatis) reported that employment in the country’s automotive industry had fallen to its lowest level since 2005. The agency also noted that the German manufacturing sector had lost 144,100 jobs over the past year.