FRANKFURT -- Reuters has reported that Robert Bosch will cut 10,000 jobs this year. Bosch CEO Franz Fehrenbach made the announcement during the Frankfurt Motor Show this week.

While Bosch will cut staff by 10,000, Fehrenbach said 100,000 more staff will be asked to work shorter hours due to the continuing crisis in the auto industry.

However, according to Reuters, Fehrenbach said he was seeing "the first signs of a recovery" and that group sales revenue was set to rise in the fourth quarter.