Hartung further mentioned that growth in the global electric vehicle (EV) market is also expected to slow, although sales of fully electric vehicles are still increasing compared to last year, driven by consumer interest in plug-in hybrid vehicles, including in China.

In February this year, Bosch announced plans to cut about 3,500 jobs in its home appliances division by 2027. In April, Bosch further warned of additional cost-cutting measures and potential job cuts.

European automakers are facing high labor and energy costs, as well as intensified competition from low-cost models produced by Asian competitors, who are shipping more vehicles to Europe.

Earlier this month, Volkswagen, Europe's top-selling automaker, announced that it is considering shutting down some of its factories in Germany to cut costs and compete with Asian rivals.