Despite a global economic downturn, the Bosch Group said yesterday its China business grew 25 percent last year, and it plans to introduce new energy vehicle technologies to the country to meet growing demand.
|Bosch sees China as hot green market [CFP]
Consolidated sales in China, including automotive and industrial technology, consumer goods and building technology, climbed to 22.8 billion yuan (US$3.6 billion) last year, according to Uwe Raschke, a member of the board of management heading the Asia Pacific region.
The sales were, however, slower than an earlier projection of 25 billion yuan and a 30-percent increase as car makers rein in capacity amid the flagging market, particularly since the second half of last year.
But the Chinese market remains a spot light in Bosch's global sales, which fell 2.8 percent to 45 billion euros (US$58 billion). Sales of its automotive division fell 7 percent year on year. The sharp appreciation of the euro was blamed for the loss, the firm said.
Raschke said although the company is cutting costs globally this year, it would not slow its investment in China.
Peter Pang, president of Bosch (China) Investment Ltd, said it plans to introduce lithium-ion batteries for hybrid and electric vehicles as early as 2011 on hopes of higher demand as China and car makers are aggressively promoting greener vehicles.
Bosch said it is exhibiting several energy-saving products and technologies for new energy vehicles at Auto Shanghai 2009.
(Shanghai Daily April 22, 2009)