German companies like Volkswagen, Siemens, Bosch, and Continental, which employ thousands in Portugal, have excluded the country from their global layoff plans. While these companies are restructuring in Germany due to economic slowdown and automotive challenges, their Portuguese operations continue to grow.
Volkswagen, which owns Autoeuropa in Portugal, has announced factory closures in Germany but assured that the Palmela factory remains unaffected. Bosch plans to lay off 5,500 workers globally but confirmed that Portugal will not be impacted, with expectations for slight growth in 2024. Siemens has been focused on job creation in Portugal, increasing its workforce and planning further expansion.
Continental, with a factory in Lousado, has spared its Portuguese operations from layoffs and continues to invest, particularly in sustainable tire production. The Lousado plant has seen significant investments in automation and new machinery.
Portugal benefits from these investments due to lower labor costs and favorable tax conditions, making it an attractive destination for foreign businesses. As a result, foreign investment continues to play a crucial role in Portugal's economic growth.
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