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Bosch Faces Economic Headwinds, Announces Further Job Cuts

Bosch, a major German automotive supplier, is facing economic difficulties, leading to job cuts and revised financial targets for 2024.

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German

Germany

EconomyGermany Labour MarketJobsAutomotiveCompany

BoschBsh

Stefan Hartung

What is the ownership structure of Bosch?: Bosch is almost entirely owned by a non-profit foundation that allocates profits to social and societal causes, with only minimal involvement from the founding family.
What are Bosch's financial projections for 2024?: The company's 2024 revenue is expected to be slightly below that of 2023, with a projected profit margin of only four percent compared to five percent in the previous year. Bosch aims to achieve a seven percent profit margin by 2026.
What is the current economic situation faced by Bosch?: Bosch, a major German non-listed company and global automotive supplier, is facing economic challenges. It is revising its projected targets for 2024 and has announced a potential increase in job cuts beyond the initially announced 7000.
Which areas within Bosch are affected by the planned job cuts?: The job cuts primarily affect German sites across various sectors, including automotive supplies, tools, and the BSH home appliances subsidiary. These reductions are intended to improve competitiveness.
How have employees reacted to Bosch's plans for job cuts and reduced working hours?: In response to initial plans to cut jobs and reduce worker hours, 25,000 employees protested. Subsequent negotiations have slightly mitigated the original austerity measures.

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