Preheat oven to 350°F. Generously spray a Bundt pan with nonstick spray and set aside.
In the bowl of an electric mixer, or with a hand mixer, beat butter, vegetable oil and sugar until pale yellow, about 2 minutes. Add applesauce then beat to combine. Add eggs one at a time, beating until combined before adding the next egg. Add vanilla and beat to combine.
In a separate bowl, stir together flour, cinnamon, baking soda, baking powder and salt. Remove 2 tablespoons of flour mixture then toss with cubed apples. Add remaining dry ingredients to wet ingredients in three batches, mixing until just combined before adding the next batch, then fold in apples.
Pour batter into prepared Bundt pan and bake for 50 to 60 minutes, or until a wooden skewer inserted into the center comes out clean. Check cake at 20 minutes — if top is turning too brown, place a sheet of non-stick sprayed tin foil on top. Cool for 10 minutes in the pan then run a knife along the inner rim and invert cake onto a wire rack to cool completely. Garnish cooled cake with powdered sugar.