In its Q1 2024 conference this week, Bosch said it forecast stagnating vehicle production and warned of further cost cuts and staff reductions.

It comes as firms such as Continental, which recently reported below market expectations, also announced workforce layoffs last November as part of a competitiveness drive.

Chairman of the board of management, Stefan Hartung said: “We can survive only if Bosch’s business remains robust.”

 He added that the group performed better than expected last year, but 2024 “Will be another challenging year” and that it would make an effort to ensure structural change remains socially acceptable. 

Chief Financial Officer Markus Forschner reiterated the importance of restructuring and said: “Restructuring and process improvements will also have a negative impact at first, with their positive effect coming only after a delay.”

In 2023, Bosch had sales revenue of €91.6 billion, with €4.8 EBIT from its operations. Europe and Asia Pacific represented the two largest sales by regions at €46.8 billion and €27.9 billion respectively.

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For 2024, Bosch says it expects revenues to grow by 5%-7%, compared with an increase of 3.8% last year.

At best, margins on earnings before interest and tax from operations will remain stable compared with the 5.3% generated in 2023.