Bosch sees a decline in orders due to the worsening debt crisis in Europe
By Andrew, 16 Nov, 2011. 0 Comments
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The decline in the orders received by Robert Bosch is believed to stem from the worsening debt crisis in Europe, the sluggish recovery in the U.S., and the slowing down of China car sales. Franz Fehrenbach, the CEO of the biggest automotive supplier in the world, said that the debt crisis in Europe is causing uncertainty and may result to a recession. So far, it has affected order intake at Bosch. Fehrenbach said that the “chaos has gotten bigger” and he fears that the crisis is “weighing on demand.”
Fehrenbach revealed that the first fall in orders was the result of weak southern European markets and the “disappointingly slow” U.S. recovery.
Meanwhile, its sales in China are only expected to increase by 3% as the government has decided to limit growth. To protect the euro, Fehrenbach said Greece may be forced to leave the eurozone. [source: Autonews]
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