STUTTGART, Germany, April 18 (Xinhua) -- Despite a challenging market, Germany's leading technology firm Bosch Group is set to invest heavily in technologies for a carbon-neutral future, the company said in a press release published on Thursday.
Bosch unveiled its annual financial report for 2023 where it reported a moderate growth in sales and vowed to increase its profit margin.
The German business group generated 91.6 billion euros (98 billion U.S. dollars) in sales last year, up by 8 percent, adjusting for the exchange rate. Its earnings from operations, before interest and taxes (EBIT), amounted to 4.8 billion euros.
This year, Bosch aims to achieve 5 to 7 percent sales growth. Despite a muted view for the year, it remains optimistic about the prospects for sustainable mobility, heat pumps and hydrogen.
"Electromobility is coming," said Stefan Hartung, chairman of the board of management of Robert Bosch GmbH. "The only question is how quickly it will arrive in various regions of the world."
The company is poised to launch as many as 30 projects for electric vehicles (EVs) this year. Seeing great growth potential in hydrogen, Bosch aims to generate sales worth several billion euros with hydrogen technology by 2030.
China is likely to be a leading market for hydrogen for the time being, but Bosch does not expect to see major growth in Europe or North America until the next decade, Hartung said.
In response to questions from journalists, Hartung said Bosch is happy to do business with both international and local car manufacturers in China. With regard to its production facility for hydrogen technology in Chongqing, where German Chancellor Olaf Scholz recently concluded a visit, Hartung said the facilities are important because they are building for the future of trucks.
Bosch China plans to prioritize growth areas including new energy, intelligent driving, hydrogen energy, software, artificial intelligence and more, Bosch China President Xu Daquan said, adding that the company will maintain a commitment to technological innovation, sustainable development and open collaboration. (1 euro = 1.07 U.S. dollar)
