Due to the ongoing slump in the auto sector, Bosch Ltd will cut its India workforce by “a couple of thousands” in the next four years, Soumitra Bhattacharya, Bosch India Managing Director, has said.
The company would let go around 10 percent of the total workforce of 3,700 white-collar employees in India as part of the company’s strategy to transform amidst the downturn in the automotive sector, Bhattacharya said in an interview with Bloomberg.
“There is a transformation happening across the industry. We looked at that as an opportunity to transform the company even before the downturn started,” he said
Bosch had started restructuring parts of its business in light of a deepening slowdown in August 2019.
Bosch India’s profit fell 66% in the quarter ended September 30, from a year earlier. Its share price dropped 22% last year.
India’s auto sector is going through a cyclical and structural change because of electrification, technological shift and the advent of shared mobility, Bhattacharya said.
He also added, both ICE and electric powertrains will coexist for a long time, Bhattacharya said. He forecast that 80% of the vehicles will run on ICE the rest on electric by 2030 in the nation.
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