EU plans to ban new fossil fuel-powered car sales by 2035, causing significant job losses for European auto suppliers like Bosch, ZF, and Webasto.

European auto suppliers face significant job losses as the EU plans to ban new fossil fuel-powered car sales from 2035. Companies like Bosch, ZF, and Webasto are announcing reductions, with one in three German auto sector companies planning to move part of their production abroad. The shift to electric vehicles requires fewer workers and intensifies competition from Asian firms, particularly China.