Preheat oven to 350°F. Spray a Bundt pan with cooking spray.
In a bowl, combine applesauce, molasses, vegetable oil, and eggs. Stir until well combined.
In another bowl, combine remaining dry ingredients and whisk until combined.
Add dry ingredients to applesauce mixture and stir until batter is blended. Pour batter into prepared pan.
Bake for 50–60 minutes, or until a wooden pick inserted in the center comes out clean.
Cool cake in pan on a wire rack for about 20 minutes before inverting onto a serving plate. Dust with powdered sugar if desired. Serve warm or at room temperature.