Bosch has posted 2019 sales revenue down 0.9% to EUR77.7bn (US$84.4bn) as the manufacturer “steels itself” for a 2020 recession.
“We are in an unprecedented situation,” said Bosch deputy chairman, Stefan Asenkerschbaumer.
Go deeper with GlobalData
“The challenges are formidable. This is reflected in our first-quarter figures. They already show the effects of the coronavirus pandemic. “Bosch Group first-quarter sales fell 7.3% year-on-year, and by 17% in March alone.
“We see a similar picture in our Mobility Solutions business sector, with a 7.7% fall in the first quarter and a 19% drop in March. Even if production has been ramped up again in China, and European industry is preparing for a ramp-up of its own, we have to steel ourselves for a severe global recession over 2020 as a whole.
“The actual extent of the drop in economic output can still only be guessed at. Our assumption is it will be significantly steeper than the roughly 1.5% fall we experienced in the 2009 recession.
“In automotive production, our current expectation for 2020, based on the effects that are currently apparent, is it will fall at least 20%.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
