On passing on price increases, "We’re confident we will find an agreement with our customers," said Markus Heyn, the head of the Mobility Solutions unit, citing increased costs for raw materials, logistics and semiconductors.
With global automotive production expected to grow less than expected, largely because of semiconductor shortages and the resurgence of coronavirus in China, Heyn said volume alone could not make up for these cost increases.
Bosch said its earlier global production forecast of 88 million vehicles for 2022 "probably won’t be met."
Bosch executives said the supplier had largely halted exports to Russia because of sanctions, with activities inside the country at a standstill. Hartung said Bosch’s Russian activities accounted for 1.2 billion euros, a relatively small amount, but that Bosch was trying to support its employees there "in line with regulations."
He said he had "no news" about any possible repatriation of Bosch’s Russian assets.
Bosch, based in Stuttgart, Germany, ranks No. 1 on the Automotive News Europe list of the top 100 global suppliers with worldwide original equipment automotive parts sales of $46.5 billion in 2020.
The vast majority – 94 percent – of Bosch’s share capital is held by the private Robert Bosch Foundation, with the remaining shares held by the company and a corporation owned by Bosch family.
Reuters contributed to this report