Giant auto industry supplier Robert Bosch does not expect to meet its 2008 targets and sees no growth next year.

"Our revenue will probably be slightly below last year's and will we have to lower our sights significantly for profits," CEO Franz Fehrenbach said in a letter to staff cited by the Reuters news agency.
"I expect no growth" in 2009, he added.

Bosch was reported to be boosting cost-cutting.

Reuters noted the supplier said last September it expected to miss its 5% sales growth target again in 2009 as car sales slowed in major markets.