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Bosch sees 2024 operating profit plummet by a third

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German automotive supplier Robert Bosch (ROBG.UL) said on Friday that its operating profit plummeted by a third to 3.2 billion euros ($3.32 billion) in 2024, a reflection of a wider crisis in the automotive and mechanical engineering industries.
Bosch, a leading German automotive supplier, has forecasted a significant decline in its 2024 operating profit, expecting it to plummet by a third due to a combination of factors including a weak global economy, high inflation, and increased costs for materials and energy. The company, which is heavily involved in the automotive industry, also cited challenges from currency effects and the need for substantial investments in future technologies like electric vehicles and hydrogen technology. Despite these setbacks, Bosch remains committed to its strategic goals, aiming to achieve a 7% margin on adjusted earnings before interest and taxes (EBIT) by 2026, although it anticipates a dip in this margin to 3% in 2024. The company's outlook reflects broader industry trends where traditional automotive suppliers are navigating the shift towards electrification and digitalization amidst economic headwinds.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/bosch-sees-2024-operating-profit-plummet-by-third-2025-01-31/ ]