Bosch Lowers Revenue Forecast And Warns Of Potential Layoffs

Robert Bosch, the German auto parts supplier, lowered its revenue forecast for the coming year, and its chairman, Stefan Hartung, indicated that further job cuts in Germany may be necessary, Thomas Escritt reported for Reuters.

Bosch has already announced 7,000 job cuts. I Photo: Bosch

In an interview with Der Tagesspiegel, Hartung said Bosch’s revenue would fall slightly below last year’s €92 billion, with return on sales expected to reach just 4%, short of its target growth of two percentage points above last year’s 5%.

The announcement adds to the challenges facing the European auto industry, following Volkswagen’s report of a three-year low in profits in the third quarter and impending strikes over VW's proposed plant closures and pay cuts in Germany.

Hartung emphasized the need for greater government support to stabilize the industry and stated, “I cannot rule out that we will have to further adjust personnel capacities.” Bosch has already announced 7,000 job cuts.