FRANKFURT (Reuters) -German car parts maker Bosch will cut up to 1,100 jobs by 2029 and restructure its Reutlingen plant as a rapidly worsening auto market drives down sales, a senior company official
Bosch Plans to Eliminate Up to 1,100 Jobs Amid Auto Market Decline
FRANKFURT (Reuters) -German car parts maker Bosch will cut up to 1,100 jobs by 2029 and restructure its Reutlingen plant as a rapidly worsening auto market drives down sales, a senior company official said on Tuesday.
Bosch will focus the plant mainly on manufacturing semiconductors, as making electronic control units is no longer competitive, a statement said.
"The European market for control units is highly price-driven and fiercely contested by new entrants," said Bosch's executive vice president of semiconductor operations, Dirk Kress.
"The necessary job cuts are not easy for us, but they are urgently needed to secure the future of the site."
Bosch employs around 10,000 people in Reutlingen.
German and European auto makers have come under pressure from high costs and ferocious foreign competition, as well as a tariff war between the United States and its global trading partners.
(Reporting by Ilona Wissenbach, writing by Matthias Williams, editing by Rachel More and Thomas Seythal)
