STUTTGART, Germany, Jan 29 (Reuters) - Global automotive production may have peaked, auto supplier Robert Bosch said on Thursday, announcing job cuts and a review of its business to cope with a 44% drop in full-year operating profit and a global downturn in demand for cars.
Global automotive production is expected to fall for the third consecutive year, by 2.6% to 89 million vehicles in 2020, following a drop in demand in China, Europe and the United States, the Stuttgart-based car parts supplier said.
“It could well be that we have passed the peak of automotive production,” Bosch CEO Volkmar Denner said in remarks embargoed for Wednesday.
He also said he assumed the low level would remain constant and did not expected any increase in global automotive production before 2025. (Reporting by Edward Taylor, and Barbara Lewis)