Bosch is set to cut 13,000 jobs as part of its plans to save €2.5bn (£2.06bn). The engineering giant said the losses, in its mobility division in Germany which provides vehicle parts and software, came as a result of a stagnated market and pressure from rival companies. The market has seen increased competition from the likes of Tesla and China's BYD. It also blamed increased costs arising, in part, from US president Donald Trump's tariffs.