Bosch Ltd. is the world’s largest auto-parts supplier, plans to join its parent, Robert Bosch GmbH in cutting jobs as South Asian nation witnessed one of its worst auto sales slow down. The German company will cut a couple of thousand jobs in India in the upcoming four years, Managing Director Soumitra Bhattacharya said. About 10 per cent of 3,700 white-collar jobs and a slightly higher percentage of 6,300 blue-collar jobs will be cut, he added. There is a transformation happening across the industry, Bhattacharya said. He looked like an opportunity to transform the company even before the downturn started, also said. The world will shed 80,000 jobs in the coming years amid shrinking demand. That will hit sales at auto part makers. Bosch expects auto sales to only recover in the next two-three years after plummeting in 2019 because of regulatory changes, the threat of electrification, a liquidity crunch and an economic slowdown.
Bosch India’s profit fell 66 per cent in the end of September 30, from a year earlier. Its share price dropped 22 per cent last year. The auto sector of India is going through cyclical and structural changes because of electrification, technological shift and advent of shared mobility, Soumitra said.
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