Bosch Group sales rose 10 per cent to $EU78.8billion euros in 2021, with earnings before interest and taxes (EBIT) from operations increasing by 50 per cent to $EU3.2 billion euros.

Meanwhile, in Asia Pacific, sales grew by 12 per cent to $EU 24.4 billion euros – 11 per cent after adjusting for exchange-rate effects.

“Our business performed much better in 2021 than expected,” said Dr. Stefan Hartung, chairman of the board of management of Robert Bosch GmbH.

“We were able to exceed our forecasts despite many challenges, such as cost burdens due to supply bottlenecks and price increases for raw materials.”

The Bosch chairman also expects the efforts of many countries to move toward a climate-neutral economy to significantly stimulate growth in the future:

“Climate action is driving our business forward – from mobility solutions and industrial automation to building technology and home appliances,” Hartung said. “And thanks to connectivity and artificial intelligence, energy efficiency will continue to improve.”

Bosch expects the global economy to grow between 4 and 4.5 per cent in 2022, as against some 5.5 per cent in 2021. Despite impressive progress made with vaccinations in many countries, the company expects COVID-19 to continue to impose heavy burdens on society and the economy in 2022.

In addition, ongoing supply bottlenecks and rising prices for raw materials, primary products, and transportation will have a major impact on the global economy and affect the business of many sectors, according to Bosch, while rising inflation is also clouding the outlook. #SEN #SENnews