The Bosch Group reported meeting its expectations for the 2023 business year despite facing challenges, according to preliminary figures released by the supplier of technology and services. The company generated sales of 91.6 billion euros (approx. $98.7 billion), marking an 8 percent growth after adjusting for exchange-rate effects. The EBIT margin from operations reached 5 percent, a slight improvement compared to the previous year.
“At Bosch, 2023 was tougher than expected. Through a supreme effort, we were able to increase our sales and improve our margins. We made progress despite the strong headwind,” said Dr. Stefan Hartung, chairman of the board of management of Robert Bosch GmbH, during the presentation of the company’s preliminary business figures.
The past business year saw Bosch further expand in growth areas, advancing the transformation of its mobility business and enhancing the competitiveness of all its business areas, the company reported. However, the company acknowledged the need for adjustments in various areas due to the weaker market momentum, particularly in the mobility business sector.
Regarding climate policy, Bosch emphasized its commitment to technologies related to climate action despite experiencing delays in market penetration. The company highlighted the importance of consistency in climate policies for long-term business decisions.
In North America, Bosch reported healthy growth, with consolidated sales reaching $16.4 billion (15.2 billion euros), representing a more than four percent increase compared to the previous year.
“Growth strategy: investment to supplement innovation,” said Hartung. Bosch continues to invest in areas of growth, including the semiconductor business, with significant investment decisions made in 2023.
In response to the transformation of the automotive industry, Bosch announced the largest realignment of its core business, establishing the integrated Mobility business sector. The company aims to leverage emerging and established technologies to maximize business opportunities in the mobility sector.
Sales development in 2023 showed mixed results across Bosch’s business sectors and regions. While Europe and North America experienced the strongest nominal growth, other regions faced challenges due to economic conditions.
Despite the uncertain economic outlook for 2024, Bosch said it remains committed to its strategic goals and target margin. The company also plans to intensify efforts to improve costs and competitiveness to successfully tap into future markets.
