Bosch slashes thousands of jobs worldwide

Automotive parts vendor Bosch has announced large-scale layoffs coming to its production sites around the globe, and especially on its domestic market of Germany.

The company plans to cut 5,500 jobs worldwide, including around 3,800 workers employed at German factories. Another 10,000 employees will have their work week cut from 40 to 35 hours and salaries adjusted accordingly.

Sinking demand for automobile components from major European automakers is the main point of blame, Bosch says. As vehicle sales keep falling, vendors can no longer justify high production rates.