Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Bosch sees 2024 operating profit plummet by a third

Published by Global Banking and Finance Review

Posted on January 31, 2025

Featured image for article about Finance

STUTTGART (Reuters) - German automotive supplier Robert Bosch said on Friday that its operating profit plummeted by a third to 3.2 billion euros ($3.32 billion) in 2024, a reflection of a wider crisis in the automotive and mechanical engineering industries.

According to preliminary figures, revenue contracted slightly to 90.5 billion euros, while the company's EBIT margin from operations fell by almost two percentage points to 3.5%, significantly lower than its original target of 7%.

The world's largest automotive supplier and manufacturer of a wide range of technology products from semiconductors to household electronics underperformed in almost all business areas. Business was particularly poor in Europe, with weak demand and a reluctance to invest and buy, it said.

Bosch was able to maintain revenue in its largest division, Mobility, at the previous year's level of around 56 billion euros.

"Despite our best efforts, Bosch, too, was not completely immune to economic developments," said CEO Stefan Hartung, adding that the auto industry was suffering from increasing competition, particularly in China.

Last year, Bosch announced plans to cut up to 5,550 jobs amid weak demand for intelligent driver assistance systems and solutions for automated driving.

($1 = 0.9626 euros)

(Reporting by Ilona Wissenbach, writing by Friederike Heine, editing by Thomas Seythal)