Bosch to Cut 5,500 Jobs Amid Auto Sector Struggles

German auto technology supplier Bosch plans to cut 5,500 jobs globally, primarily impacting Germany, due to declining global auto sales and slow adoption of new technologies. The reductions will affect Bosch’s automotive division, especially in automated driving and centralized vehicle software, with 3,800 jobs to be cut in Germany by 2027. Bosch is also reducing the working hours of 450 employees in Germany, highlighting the economic challenges and competitive pressures from Chinese rivals. The company may not meet its 2024 financial targets and had previously announced plans to cut 7,000 jobs. This development occurs amid broader difficulties in Germany's auto sector, with companies like Volkswagen also facing cost reductions and layoffs.