Bosch to cut large-scale smart driving division

Bosch Group, the world's largest automotive parts supplier, announced that it will lay off 1,200 employees by 2026, including 950 from the Intelligent Driving and Control Systems Division. This decision was mainly due to rising energy and raw material costs, as well as challenges from economic recession and inflation rates. Bosch is also under tremendous pressure to transform itself into an intelligent company in the Chinese market, facing at least 200 competitors.