Robert Bosch GmbH has reported a slight decline in revenue for 2024 but aims to improve this figure in the current year, as stated by Interfax-Kazakhstan.
The annual revenue of Bosch decreased to €90.5 billion from €91.6 billion the previous year. In Europe, the figure dropped by 5% to €44.5 billion, with Germany experiencing a 6% decline (to €17.7 billion).
Revenue growth was only observed in the Asia-Pacific region, where it rose by 1% to €28.1 billion.
The company attributes the decline in annual results to the weakness of the global economy and anticipates only moderate revenue growth in 2025.
Bosch plans to enhance competitiveness at all levels through prudent cost savings and targeted investments, stated its Chief Financial Officer, Markus Forstner.
“This plan will require significant efforts and does not rule out painful decisions,” Forstner remarked, as quoted by The Wall Street Journal.
In November of last year, the company, which is also a supplier of automotive components, announced its intention to cut up to 5,550 jobs in the coming years due to the worsening situation in the automotive sector. The decline in demand for vehicles and increased competition have impacted the profits of automakers and their suppliers.
As of the end of December 2024, the company had a workforce of 417,900 employees.