Hartung: 2024 will be tougher than expected, and 2025 will likely be the same
Speaking to a German business newspaper, Bosch CEO Stefan Hartung explained that the coming year will be more difficult than anticipated and that they will struggle to meet their profit targets.
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CEO Stefan Hartung said that Bosch will struggle to meet its sales and profit targets over the next one to two years. Speaking to the German business newspaper Handelsblatt, Hartung stated, "2024 will be tougher than expected, and 2025 will likely be the same."
The CEO noted that discussions are underway regarding how much the company might need to scale back its profit and revenue targets. Pointing out that the automotive supplier must transition to electric vehicles, Hartung added, "We will not be able to avoid job cuts in the affected areas."
The supplier was targeting a 5 percent profit margin for 2023; Hartung said this target is still achievable but faces some uncertainties due to currency risks in China and Turkey.