German auto parts supplier Bosch plans to cut 5,500 jobs worldwide

German Metal Industry Union (IG Metall) issued a statement on November 22 that automotive parts supplier Bosch will cut 5,500 jobs worldwide, including 3,800 in Germany. A Bosch spokesman confirmed the news and said it was due to the severe overcapacity faced by the automotive industry, and the continued intensification of competition and price pressure.