Chennai: As the latest victim to the slowdown in auto sector, Bosch Ltd, the Indian unit of the world’s largest auto-parts supplier, is reported to join its parent, Robert Bosch GmbH in cutting jobs in the ocuntry.
This comes amid various other companies, both domestic and international ones, announcing similar move as the South Asian nation witnesses one of its worst auto sales slowdowns in decades, Bloomberg reported.
The company will cut “a couple of thousand" jobs in India in the next four years, India MD Soumitra Bhattacharya said. About 10% of 3,700 white-collar jobs and a slightly higher percentage of 6,300 blue-collar jobs will be cut, he added in an interview in Bangalore on December 30, it reported.
“There is a transformation happening across the industry," Bhattacharya said. “We looked at that as an opportunity to transform the company even before the downturn started."
In India, Bosch expects auto sales to only recover in the next two-three years after plummeting in 2019 because of regulatory changes, threat of electrification, a liquidity crunch and an economic slowdown.
Bosch India’s profit fell 66% in the quarter ended September 30, from a year earlier.