Frankfurt, Germany — German industrial giant Bosch said Thursday it would cut 13,000 jobs, mostly in its auto unit, in the latest blow for the country’s ailing car sector.
The cuts, all of which will take place in Germany, represent about 10 percent of Bosch’s total workforce in the country, and three percent of its staff worldwide.
Bosch said the layoffs were needed to help make annual savings of 2.5 billion euros ($2.9 billion) in the group’s automotive unit, with the division facing a fierce price war in China combined with lacklustre demand in Europe.
“Demand for our products is shifting significantly to regions outside Europe,” said Stefan Grosch, head of industrial relations at Bosch. “We need to orient ourselves to where our markets and customers are.”
