The automotive electronics giant confirmed the layoff of 1,200 people!
Abstract: On January 18, a spokeswoman for Germany's Bosch AG, which is also the largest buyer of automotive chips, confirmed that the company would lay off 1,200 jobs.
*:Bosch. 
According to Handelsblatt, the main reason for Bosch's layoffs is that the German company will cut 950 jobs due to the development of autonomous driving technology at a much slower pace than expected, and plans to cut 1,200 jobs in the software and electronics division over the next three years in response to rising costs and slowing growth.
Bosch said in a statement:"Relocation efforts are slowing down due to the recession, inflation due to energy** and daily necessities***, and other factors. A Bosch spokesman said that Bosch had not yet consulted the workers' representatives, but had informed the workers in the affected areas about the plan some time ago in the afternoon.
Bosch said that the number of layoffs has not yet been finalized, and that the layoffs of Bosch in Germany will be completed by the end of 2027. In addition, 1,500 jobs will be cut at two plants in Germany.
Pictured: Bosch is the largest user of brake pads for automobiles.
According to Chip Guru's analysis, as the penetration of fuel vehicles and electric vehicles decreases, the demand from some traditional large customers - Tier1s - will decrease, while electrification and intelligence will increase the demand for chips, but orders for these chips will be transferred to Tier1s, OEMs and new players who move faster.
Auto companies in the European economic hub are preparing for 2024, when they will face pressure to cut production and cut prices due to slowing market demand and rising consumer credit costs, the report said. Companies such as Bosch, Continental and ZF are working to transition to electric vehicles and will be affected by the decline in production.
Bosch's announcement comes at a time when two other automakers are also facing difficulties. According to a spokesman for the German Trade Union Confederation, ZF is considering closing two plants in Germany and laying off 12,000 jobs, while moving some of its functions to lower-cost countries. At the same time, Continental is also considering ** assets and laying off thousands of employees to improve the competitiveness of its automotive business.
*: Bosch plant in Germany.
Conflicts between the company's executives and workers' representatives are reportedly escalating as ZF prepares to make significant layoffs and implement a restructuring plan by 2030.
According to ZF, in"Worst-case scenario"Next, there will be 120,000 people are unemployed. The company has about 1650,000 employees. On January 17, around 3,000 ZF workers gathered in Friedrichshafen, southern Germany, to lay off employees.
ZF said:"We want to keep our jobs, but we also realize that the switch to electric vehicles itself will lead to job losses. ZF added that the number of workers required to produce certain components of electric vehicles is half that required to produce internal combustion engine vehicles.