Bosch will turn over more in the current financial year than forecast, according to CEO Franz Fehrenbach.

He told German financial newspaper Handelsblatt that Bosch's turnover will increase by a good 5% to EUR46bn.

Fehrenbach said the good result is particularly positive for German production locations. "At the beginning of the year I was still doubtful," he said. "But the competitive situation has developed better than thought, so German locations are proportionately more profitable."

Bosch has created around 1,800 new jobs in Germany this year. It now employs 112,000 people in the country in total.