Bosch to cut 7,000 jobs as global economy weakens, electric cars slow to take off in Europe

Bosch, the world's largest automotive parts supplier, has decided to lay off 7,000 employees due to the weak global economy and the slow start of electric vehicles in Europe. The plan mainly affects its factories in Germany, including the automotive supply department, tool department and home appliance subsidiary BSH Home Appliances. Although Bosch's revenue in 2023 is close to 92 billion euros, its maximum return on sales this year is expected to be only 4%, lower than 5% in 2023.