Bosch Reportedly Planning Further Job Cuts in the Tens of Thousands, Says Handelsblatt

German automotive supplier Robert Bosch (ROBG.UL), the world’s largest maker of auto parts, is preparing to expand its efficiency program and cut jobs in the “five-digit range,” Handelsblatt reported on Thursday, citing industry sources.

Earlier this month, Bosch’s CEO warned that limited demand and rising trade barriers meant the company would continue “fighting for every cent” against competitors. At the time, he signaled the need for further “structural adjustments,” while forecasting that Bosch’s 2025 revenue would rise about 2% from last year’s €90.5 billion ($106 billion).

Bosch employed roughly 418,000 people worldwide as of last year. The company declined to comment on the reported cuts but is scheduled to hold a press conference later on Thursday.

A senior labor representative had already warned late last year that between 8,000 and 10,000 jobs in Germany could be at risk.

Meanwhile, Europe’s car industry received some relief on Wednesday after U.S. President Donald Trump’s administration confirmed it would implement a trade agreement with the European Union, ensuring that a reduced 15% tariff on EU cars and auto parts would take effect on August 1.

Still, Germany’s VDA auto industry association noted that remaining trade barriers remain a challenge and urged the EU to continue working toward improving transatlantic trade conditions.