Auto slump causes Bosch profits to collapse: Page 2 of 2

January 29, 2020 //By Christoph Hammerschmidt
Auto slump draws brake marks in Bosch figures
The economic weakness in the global automotive industry has slowed down Bosch's business performance. According to preliminary figures, sales stagnated at 77.9 billion euros, and pre-tax profit (EBIT) slumped by almost half. The outlook is bleak: Bosch CEO Volkmar Denner does not expect a return to the old growth rates for years to come. The only hope is green mobility.

From 2022 onwards, Bosch plans to start series production of fuel cells of this type, with U.S. truck manufacturer Nikola as its first strategic customer. At the same time, according to media reports, Bosch will also develop a fuel cell drive for passenger cars. In addition, the company is conducting research into the development of e-fuels - synthetic fuels that could also enable mobility that is in principle CO2-free. Bosch plans to spend 500 million euros on the development of electromobility in this case alone, with a further 600 million euros going into the development of automated driving and 100 million euros into networked mobility solutions.

Despite the increased investment in R&D, however, market observers assume that the company will not be able to avoid further job cuts. By 2019, Bosch had already cut 6800 jobs worldwide. Denner has already hinted at the prospects beyond the research labs: If the production of a diesel powertrain currently requires ten workers, only one would be needed to install a simple electric drive, he calculated.

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