Bosch, the world’s largest car-part supplier and manufacturer of household electronics, said that it planned to initiate a cost-cutting drive following the release of sales figures which showed that sales rose 1.6% to €52.3bn last year, well below the 3-5% range it had targeted.
The company’s solar business meanwhile reported losses and write-downs of around €1bn last year.
Although Bosch did not reveal specific details about its cost-cutting plan, chief executive Volkmar Denner told Business Report that the company faced “a hard year” of cost cutting.
He added that the group is considering the introduction of flexible working hours and wages as well as a review of its business structure in the European market.
Many automotive firms have been hit by the slowdown in demand for cars following the economic downturn which has hit the European market particularly hard.
