Bosch to cut jobs and wages as auto industry entropy rises

The German automotive industry has been beset in recent years by economic shocks at home and competition from new players on the global stage, primarily Chinese OEMs. In what might be the latest sign of German suppliers’ relative decline, Bosch announced on 22 November 2024 that it would cut 5,500 jobs worldwide. The majority of these would apparently come from its car software and steering division operations in Germany over the next five years.