Bosch plans thousands more cuts amid weak EV demand

Some 5,500 jobs would be axed worldwide, with the majority in Germany, according to figures provided by the company.

Weak demand for electric vehicles had a "direct impact" on the number of orders placed by manufacturers with Bosch, the group said in a statement.

At the same time, Bosch said it was having to make significant investments in new technologies, making the financial position in certain fields of operation more difficult.

"We must adapt our structures to the changing market environment and reduce costs sustainably to strengthen our competitiveness," Bosch manager Stephan Hoelzl said in a statement.

The group would cut 3,500 jobs in its car software division by 2027, with about half the losses coming in Germany.

Bosch said it also planned to cut up to 1,300 jobs between 2027 and 2030 at its steering division based in Schwaebisch Gmuend, southwestern Germany.

Another 600 cuts by 2026 were planned at Bosch's factory in Hildesheim, central Germany, with the figure rising to a total of 750 by 2032.

The planned cuts were a "slap in the face", the head of the works council for Bosch's automotive division in Germany, Frank Sell, said in a statement, promising resistance to more job losses.

The Bosch group already announced plans in December last year to slash 1,500 jobs at its auto supply business, as Germany's crucial car industry undergoes major changes as part of the shift towards electric vehicles.

Chinese manufacturers have also grabbed the advantage in electric vehicles and are hauling in a growing share of the market.

The crisis has hit Germany's flagship auto manufacturers, with Volkswagen mulling unprecedented plant closures in Germany and significant job cuts.

Besides Bosch, auto suppliers ZF, Continental and Webasto have been among the companies to have announced job cuts.