The layoffs are expected to be implemented in phases, beginning midyear and continuing through 2021, according to a statement provided to the Business Journal. Approximately 340 permanent jobs and 90 temporary jobs will be affected.
Bosch opened its Charleston-area facility in 1974 and currently manufactures products for powertrain and chassis control systems.
Bosch currently employs approximately 1,800 workers in the Lowcountry. The layoffs will cut the workforce by about 23%.
Bosch said in the statement that companies all over the world are impacted by “a transforming automotive industry” and “a difficult economic situation.”
“In 2020, Bosch estimates global automotive production volume will be reduced by 10% compared to 2017, down some 88.9 million vehicles,” the company wrote. “Therefore, the automotive industry has to take structural adjustments, and so does Bosch.”
Bosch plans to eliminate production of diesel powertrain components at its Dorchester County facility while securing additional manufacturing business for powertrain electrification, which the company said is an area of future growth.
Employees affected by the layoffs will be able to apply for positions at other Bosch facilities, the company said in its statement.