Jobs disappear
Next German giant in trouble
More bad news for Germany as a business location! In view of the difficult market situation, the Bosch Group is planning further job cuts at individual locations. The Group is having difficulties with the transition to e-mobility.
"We will not be able to avoid further job cuts," Bosch CEO Stefan Hartung told the Stuttgarter Zeitung and Stuttgarter Nachrichten newspapers at the weekend.
He justified this in the newspapers with the weak global economy in the automotive sector, growing competition from China and consumer uncertainty.
The problem with e-mobility
The transformation from combustion engines to electric drives will also lead to a considerable loss of jobs, Hartung said in the interview. However, the fact that e-mobility is not coming as quickly as expected will have a positive effect. This would allow existing combustion engine production to be utilized for longer.
In addition, many associates will retire before their jobs are lost due to the transformation. However, demographic developments alone will not solve the issue. There is no way around e-mobility, and the company in Gerlingen near Stuttgart is also preparing for this.
Significant drop in profits last year
According to preliminary figures, Bosch's earnings before interest and taxes (EBIT) slumped by a third to 3.2 billion euros last year. In 2023, Bosch still had an operating profit of 4.8 billion euros on its books. Sales fell by one percent to 90.5 billion euros last year. According to Hartung, the Group therefore fell short of its targets.
At the end of 2024, the Bosch Group had 417,900 associates worldwide - 11,500 fewer than a year earlier. In Germany, the number of associates fell by 4,400 to 129,800 (minus 3.3 percent). For more than a year, the company had repeatedly announced plans to cut jobs in various areas. More than 12,000 jobs could be lost worldwide by the end of 2032. In Germany, a good 7,000 jobs would be affected, it was reported at the end of January.
Bosch holds out the prospect of improvement
Despite persistently difficult conditions, the Group intends to improve sales and profits again in 2025. A concrete forecast is expected in May. Bosch will then also present its complete and audited annual figures.
According to the newspapers, Hartung is cautiously optimistic about the current year, which he describes as a year of transition in which "a turn for the better will hopefully already be visible".
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