Bosch Profits Drop 6.5%
Bosch Profits Drop 6.5%

Bosch Profits Drop 6.5%

Bosch Profits Drop 6.5%

Robert Bosch reported a slide in profits for 2016 as the company invested in the development of products for electric vehicles.
Underlying operating profit fell 6.5% to 4.3 billion euros ($4.6 billion) last year, the group said on Friday, pushing the operating margin down to 5.8 from 6.5%, sliding further from Bosch’s medium-term target of 8%, Reuters reports.
Privately owned Bosch has been investing in technologies such as intelligent systems that cut down on how much power electric cars use, while divesting traditional industrial products such as starter motors and generators.
The supplier also aims to decide by the end of the year whether to start making its own cells for production of batteries to compete with Asian rivals, CEO Volkmar Denner said.
Denner said such a project would cost more than Bosch’s move into solar energy, which started with an investment of 1 billion euros and lost 3.7 billion euros by the time it ended in 2013.
The decision will depend on whether the company can make products that are better and cheaper than those of rivals such as Samsung and Panasonic, which recently started mass production of lithium-ion battery cells at a gigafactory in Nevada along with Tesla, according to Denner.


Short URL : https://goo.gl/BnV0te
  1. https://goo.gl/OZf06L
  • https://goo.gl/LLiGKl
  • https://goo.gl/3ydzhp
  • https://goo.gl/hkwCWL
  • https://goo.gl/mdxXSl

You can also read ...

VDMA Backs Iran Trade
Germany’s plastics and rubber machinery trade association,...
New Forex Initiative Unable to Tip Scales
The new forex initiative has only managed to fix major policy...
Central Bank of Iran Against Market Intervention
Central Bank of Iran's Governor Abdolnasser Hemmati said the...
Equity-Based Sukuk Return to Iran Capital Market
The government is set to clear part of its debt to Social...
Musk Bid for Tesla Still Murky
Tesla Inc’s board named a special committee of three directors...
Tehran Shows 4th Biggest Upturn in Economist’s Livability Index
Tehran is one of the top five cities in the world to have...
Over €81m Worth of Airport Equipment Purchased  Post JCPOA
Iran Airports & Air Navigation Company, an arm of the...
S. Korea Bans Recalled BMWs Over Fire Fears
The South Korean government has said it will ban about 20,000...

Add new comment

Read our comment policy before posting your viewpoints