Powertrain and chassis component manufacturer, Bosch, will reportedly cut about 430 employees from its Charleston, South Carolina, workforce. The job cuts are said to begin mid-2020 and go through 2021.

The job cuts are part of an effort by the company to combat the evolving automotive market, which Tim Wieland, Bosch spokesman, told WCSC, a CBS affiliate out of Charleston, was “compounded by the effects of a difficult economic situation.

“This reduction will result in the loss of approximately 340 Bosch jobs, and an estimated 90 temporary positions,” Wieland told the news outlet. “The reductions are planned to be implemented in phases, likely beginning in mid-2020 and continuing through 2021.

Wieland also said that affected workers will be able to apply for jobs at other Bosch facilities. Employees that do not find employment within the company will be offered “competitive severance packages.”

Bosch is preparing for a global automotive downturn, which Wieland said would reduce production volumes by 10% compared to 2017. He estimated that vehicle production would hit 88.9 million vehicles in the near-term.

The need for Bosch to transition its operations comes as automakers shift towards electrified cars and trucks. Bosch will reportedly eliminate production of diesel engine components at its Charleston manufacturing plant but said it will move toward electric powertrain production for the future growth of the company.

Bosch The logo of German car supplier Robert Bosch GmbH is displayed in front of the company's headquarters in Gerlingen near Stuttgart, southwestern Germany, April 18, 2013. Photo: Thomas Kienzle/AFP/Getty Images