Bosch has announced plans to cut up to 5,550 jobs globally, with over 3,800 of those cuts occurring in Germany, primarily due to a downturn in the automotive industry.

The company cited the need for significant investments in new technologies and the goal to adapt to a changing market environment as key reasons for these layoffs.

Lower Saxony's Economic Minister Olaf Lies has expressed strong opposition to the proposed job cuts, insisting that they would weaken the overall region.

Stephan Hölzl, a Bosch board member, highlighted the need for structural adjustments due to delays in the transition to electrified, software-defined vehicles.

This decision comes amid increased competition and pressure on prices, which has led Bosch to consolidate functions and optimize operations.

While a slight recovery in production is anticipated next year, significant overcapacity and intensified competitive pressures continue to challenge the industry.

Worker representatives, including Frank Sell, head of the works council, have criticized the layoffs, calling them a significant blow to employees and expressing concerns about eroding trust in management.

These layoffs are part of a broader cost reduction strategy by German auto companies to remain competitive in the international market.

Protests against the job cuts have already occurred, with over 10,000 employees demonstrating at Bosch's headquarters earlier this year.

Bosch has emphasized that the layoffs are still in the planning stage and will require agreement with employee representatives to minimize social impact.

The job cuts are expected to unfold over the next eight years, with significant losses anticipated at various sites, primarily by 2030.

A meeting is scheduled for Monday in Hildesheim to discuss the situation with employees, indicating ongoing communication efforts amid the turmoil.