Bosch Increased Sales and Profit Last Year

German automotive parts and equipment supplier Robert Bosch GmbH increased its turnover and improved its profit in 2022, according to a report received by MTI on Thursday.

According to the preliminary figures, Bosch Group sales totaled EUR 88.4 billion, an increase of 12% – or about 10% excluding currency effects – compared to the previous fiscal year. Earnings before interest and taxes rose to EUR 3.7 billion.

The Mobility Solutions business, the company's largest business segment, achieved its highest revenue in 2022 with EUR 52.6 billion, representing a 17% – or 12% excluding currency effects - increase in revenue.

The industrial technology business sector increased its revenue by 14% to EUR 6.9 billion, an 11% increase excluding currency effects.

The consumer goods business sector also managed to slightly increase its sales despite consumers significantly cutting back on their purchases. Sales in this sector rose by 2% – 3% excluding exchange rate effects – to EUR 21.5 billion.

Bosch recently announced that it is setting up a new development and production center in Suzhou, China, where it will work on mobility solutions and products specifically tailored to local market needs, with a focus on electrification and automation.

Bosch is investing an additional EUR 3 billion in semiconductors up to 2026 to address the chip shortage in the mobility sector. The company is also planning further expansion in Egypt, India, Mexico, the United States and Vietnam, the company said in a statement.

Stefan Hartung, chairman of the board of management of Robert Bosch GmbH, sees further development of renewable energy sources as a way of bridging the gap between environmental and economic sustainability objectives. Bosch therefore aims to accelerate the development of fuel cell and hydrogen technologies.

The company expects an economic slowdown this year and global economic output to grow by less than 2%. In 2023, Bosch aims to achieve sales growth and further improve the profitability of the group, according to the statement.