German Auto Supplier Bosch Eying Charging, Parking Services

German leading auto supplier Robert Bosch has posted flat yearly operating revenue on Wednesday. The auto supplier has announced a push in recharging, parking, and maintenance operations for self-driving and electric vehicles.

Bosch said in a statement that the company was planning to expand a research collaboration dedicated to autonomous vehicles, and is going to invest $4.6 billion to manufacture self-driving cars by 2022.

Nearly 4,000 engineers at Bosch are working on autonomous vehicles technology, and the company has joined hands with Daimler to manufacture self-driving cars. Chief Executive Volkmar Denner said that they have always been mentioning their availability for alliances.

According to the Stuttgart-based supplier, their sales witnessed a 1.5% hike last year, and jumped to 77.9 billion euros, on the back of 2.3% increase in sales from its automotive segment which constituted 47 billion in sales.

The unlisted company mentioned that earnings before interest and tax (EBIT) touched 5.3 billion euros. The company is hoping to secure its high level of earnings in 2019.

Bosch added that the sales of driver assistance systems is expected to generate sales of 2 billion euros this year, mentioning that they had dismissed 600 staff working on diesel engines, following a fall in demand.

Bosch is looking forward to grow its position in payment and parking, reservations, recharging, infotainment and maintenance, to move ahead of other competitors, automakers which are pushing into pay-per-minute mobility services.

Bosch has been working in the direction of expanding reach in electromobility, purchasing 30 electromobility projects valuing several billion euros. The auto supplier is aiming to boost its sales in the respective area to 5 billion euros. It has already collaborated with start-up automakers, such as Germany’s Streetscooter and China’s NIO and Byton, as a part of the company’s strategic growth plan.

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