German auto supplier Bosch to cut 5,500 jobs in further sign of carmakers’ woes

AP Business Writer

FRANKFURT, Germany (AP) — Germany’s technology and services company Bosch is cutting its automotive division workforce by as many as 5,500 jobs in the next several years, in another sign of the headwinds hitting the German and global auto industries. The company cited stagnating global auto sales, too much factory capacity in the auto industry compared to sales prospects and a slower than expected transition to electric-powered, software-controlled vehicles. Some 3,500 of the job reductions would come before the end of 2027 and would hit the part of the company that develops driver assistance and automated driving technologies. About half those job reductions would be at locations in Germany.