STUTTGART -- Robert Bosch GmbH plans to more than double revenue in its automotive technology division to 45 billion euros, or about $61.9 billion, within 10 years. The supplier sees opportunities in Asia's developing economies and in rising sales of electric cars.
Bosch expects to increase sales in China, India, Russia and Brazil and in Southeast Asia. The shift to emphasize Asian growth offers considerable opportunities, Bernd Bohr, head of Bosch's vehicle technology division, told sales and marketing staff this month at an internal company event.
The same is true for the long-term growth potential of electric vehicles, Bohr said.
Bosch originally wanted its automotive division, which includes aftermarket parts, to top $61 billion by 2015. But the financial crisis and drastic drop in global car and commercial-vehicle sales thwarted those plans.
The goal now been pushed back to 2019, Peter Tyroller, Bosch's sales chief, said at the event.
Based on interim figures, the automotive division's revenue fell 18 percent to about $29.5 billion last year. The division delivers 57 percent of Bosch group revenue.