Germany’s Bosch plans major layoffs that could reach into the tens of thousands. Even more disastrous news for Germany’s bankrupt economy.

Bosch, the world’s largest automotive parts supplier, is planning further substantial staff reductions and expanding its efficiency program due to difficult market conditions as a consequence of blowback from anti-Russian sanctions.

Bosch is preparing to cut another ‘five-figure number’ (10,000 plus) of jobs. This translates as tens of thousands of families losing their main breadwinner.

It is unclear which countries will be hit the hardest in terms of Bosch’s global network of producers.

Swiss news outlet Bluewin.ch noted these job losses would head into the tens of thousands. This announcement comes after the company already cut 10,000 jobs. Earlier this year, Poland also saw many jobs lost at a Bosch brake factory.

Bosch Labor Director Stefan Grosch told Stuttgarter Zeitung in a recent interview that the business is aiming to reduce the mobility division’s costs by €2.5 billion per year.

He noted that the cost gap will be closed by 2030 only if the right measures are implemented.

The CEO of Bosch, Stefan Hartung, optimistically said earlier this month that Bosch will continue to fight for every cent with competitors, with competition fierce due to limited demand. At the same time, Bosch is staring down the issue of rising trade barriers.

The CEO predicted further structural adjustments ahead.

According to Handelsblatt, Bosch’s revenues will increase by around 2 per cent in 2025 compared to last year’s level of €90.5 billion.

Bosch, which employed around 418,000 people worldwide last year, has announced a press conference for later Thursday. The company declined to comment on the layoffs reported in the press.

As a consequence of anti-Russian sanctions and the denial of cheap Russian energy products, German firms have been struggling over the last few years, with major job cuts being announced last year and this year.

British and European automakers and their suppliers have been hit especially hard. Among a variety of factors, especially kamikaze sanctions, there is also faltering demand in the Russian and Chinese market, which has long bought German vehicles. The Chinese are increasingly turning to their own domestic suppliers, such as BYD. You can share this story on social media: TELL US WHAT YOU THINK