STUTTGART — Global automotive production may have peaked, Robert Bosch said on Wednesday, announcing job cuts and a review of its business to cope with a 44 percent drop in full-year operating profit and a downturn in demand for cars.
Global automotive production is expected to fall for the third consecutive year, by 2.6 percent to 89 million vehicles in 2020, following a drop in demand in China, Europe and the U.S., the supplier said.
“It could well be that we have passed the peak of automotive production,” Bosch CEO Volkmar Denner said.
