June 16, 2020 / 10:19 AM / 2 months ago

Siemens not reducing R&D spending during pandemic - Neike

FILE PHOTO: The headquarters of Siemens AG is seen in Munich, Germany, December 18, 2019. REUTERS/Michael Dalder

ZURICH (Reuters) - Siemens is maintaining its investment in research and development despite the economic slowdown and reduced energy consumption caused by the global coronavirus pandemic, managing board member Cedrik Neike said on Tuesday.

“It comes out of the bottom line to be honest,” Neike told journalists. “We believe we have to invest in future technology.”

“COVID-19 is going to go away at some stage,” he added, saying Siemens is one of the world’s biggest investors in technology R&D, spending more than 5.4 billion euros ($6.11 billion) per year.

Siemens expects global energy consumption to fall by 6% this year — equivalent to the energy consumption of India — due to the restrictions announced because of the virus, Neike said.

($1 = 0.8835 euros)

Reporting by John Revill; Editing by Michael Shilds

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