Finance
Bosch sees 2024 operating profit plummet by a third
Published by Global Banking & Finance Review®
Posted on January 31, 2025
2 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 31, 2025
2 min readLast updated: January 26, 2026
Bosch's 2024 operating profit dropped by a third due to a crisis in the automotive industry, with significant impacts on revenue and EBIT margins.
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)
The main topic is Bosch's significant drop in operating profit in 2024 due to challenges in the automotive and mechanical engineering industries.
Bosch's revenue slightly contracted to 90.5 billion euros, with a notable decline in EBIT margins.
Bosch faced weak demand and a reluctance to invest and buy in Europe, impacting its overall performance.
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