Bosch posts 27% growth in China
Bosch, a leading global supplier of technology and services, registered consolidated sales of EUR 6.4 billion (USD 6.9 billion) in China in 2014, growing year-on-year by 27%. Bosch has been present in China since 1909. Following Germany and the U.S., China is the third largest market in the world for Bosch.
Speaking at the annual press conference of Bosch in China, Peter Tyroller, the member of the board of management of Robert Bosch GmbH responsible for Asia Pacific, said: “This significant growth in China is a major factor in our good business development in Asia Pacific. The entire region remains an important growth driver for the Bosch Group.”
Bosch is confident that it will continue to register healthy growth in the years to come: “We want to actively shape the development of the Chinese market, and take advantage of the wealth of opportunities arising above all from connectivity, automation, and electrification, as well as energy efficiency,” Tyroller said.
To further expand local manufacturing operations and build up research and development in China, the Bosch Group has invested nearly EUR 920 million (USD 993 million) in China over the past three years. In 2014 alone, the investment amounted to almost EUR 330 million (EUR 356 million).
“Our localization strategy in China is paying off, as our business success in the country shows,” Tyroller said. For instance, the Bosch Mahle Turbo Systems joint venture opened its first plant in Shanghai in 2014, where it will be manufacturing turbochargers. In this way, the company is responding to the country’s steadily growing demand for energy-saving and emissions-reducing automotive technology.
The second Bosch diesel technology plant is to be opened in Qingdao, eastern China, this year. Bosch’s Thermotechnology division plans to set up a joint venture with the Chinese manufacturer Midea to manufacture variable refrigerant flow (VRF) heating and air-conditioning systems for commercial buildings.