German auto supplier and technology company Robert Bosch [ROBG.UL] on Wednesday said it expected automotive production to fall by at least 20% this year, as the coronavirus pandemic slams the brakes on factory production lines and saps demand.
FILE PHOTO: A Bosch logo is pictured at a car door in the company's research and advance development centre Campus in Renningen near Stuttgart, Germany July 29, 2016. REUTERS/Michaela Rehle
“Given the many imponderables, we feel unable to make a reasonable forecast for the Bosch Group for the year as a whole. It will take a supreme effort to achieve at least a balanced result.” “Even if production has been ramped up again in China, and European industry is preparing for a ramp-up of its own, we have to steel ourselves for a severe global recession over 2020 as a whole,” the company said.
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