Parts supply giant Bosch announced that it plans to invest €2bn in its operations across Europe. Bosch will retain some of its workforces to train them for the ongoing electrification in the industry. The company has already invested €1bn in the past 5 years to train its employees. This is so that the employees could cope with the ongoing shift to electricity.
Bosch wishes to invest in its employees by shelling an additional €1bn in the coming 5 years. The European Union is highly optimistic about switching to electric vehicles. This was the chief reason for Bosch to implement such a strategy. The industry could possibly face a job crisis in powertrain component manufacturing. Even if new jobs are created to support EV technology, there will still be an overall net loss of 43%. A report revealed that half a million jobs could be lost in ICE components alone.
Bosch is keen to help make electric vehicles a major segment in Europe. Bosch has witnessed strong sales of up to €78.8 billion. The company recorded strong sales despite rising prices of raw materials. There is an ever-increasing demand for electric vehicles in Europe. The market has seen sales of EVs to be higher than the traditionally preferred diesel models. The overall market has been at its lowest in 36 years. Countries like Germany, and France saw a substantial increase in the purchase of electric vehicles.
