FRANKFURT: Automotive supplier Bosch expects sales to stagnate this year, its chief executive told a German newspaper, blaming the worsening outlook in the car industry that has also hurt the company's rivals.
In May, the group had forecast sales to rise slightly from the 78.5 billion euros generated in 2018. In an interview with Sueddeutsche Zeitung, Bosch Chief Executive Officer Volkmar Denner said that the group would also not be able to keep 2018's margin level."Our plans foresee a stagnation in vehicle production in the coming years, which is different from the past, when it was usually going up. The tailwind is gone," Denner was quoted as saying, adding jobs would have to be cut.
"There will be consequences for our employees, above all in the diesel plants," Denner said, without being more specific. He said the group would do everything to carry out staff reduction in a socially responsible manner. Weakness in the car industry has already led Bosch's rivals ZF Friedrichshafen and Continental to issue profit warnings.
Source: Car News Wire (carnewswire.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street suffers worst losses of 2019 on US-China trade war escalationNEW YORK: Wall Street stocks plunged on Monday (Aug 5) after a forceful response by Beijing to the latest US tariff announcement escalated an ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
India rupee falls most in 2019 as Kashmir adds to yuan woes[MUMBAI] India's rupee slid the most since December on Monday as the government scrapped the special status for the troubled Jammu and Kashmir state, heightening political uncertainty amid a sell-off in the region's currencies. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
July 2019 hottest month globally ever recorded: EU agencyPARIS: July 2019 was the warmest month across the globe ever recorded, according to data released Monday (Aug 5) by the European Union's ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Promotions and patriotism: 'Battle Mode' Huawei sees China smartphone sales surgeWhen 23-year-old Chinese student Aaron Huang started his hunt for an Android replacement for his Apple iPhone in April this year, it was clear ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
HSBC CEO John Flint to step down, says bankHSBC on Monday said its Chief Executive Officer John Flint, 51, will step down, saying the bank needed a change at the top to address 'a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Chinese clan federation scholarship sees record number of applicantsSINGAPORE - Sixteen students applied for the Singapore Federation of Chinese Clan Associations (SFCCA) scholarship this year, the highest number since the scholarship started in 2011.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »