Bosch slashes revenue forecast for coming year, layoffs a possibility: Report

Bosch Chairman Robert Bosch noted on Thursday  that revenues could decline in the coming year, and said that additional job cuts could be a possibility over and above the 7000 ones already announced in Germany, Reuters reported. 

The announcement, made in an interview with chairman Stefan Hartung published by Der Tagesspiegel newspaper on Thursday adds to the gloom in the automotive industry that Germany is facing, the newswire noted. 

Hartung noted that Bosch's turnover would come in a little under 92 billion euros, whereas the return on sales would come in at 4% at the most, Reuters noted. The company was looking to grow this by two percentage points more than last year's 5%, the newswire noted. 

Urging the government to do more to help the industry, he said that there was a possibility of further adjusting personnel capacities, Reuters noted.