Core Insights - Bosch Group reported a sales revenue of €90.3 billion for the fiscal year 2024, a decline of 1.4% year-on-year, with an adjusted decline of 0.5% after currency effects [1][4] - The company aims to become one of the top three suppliers in its core markets within the next five years, emphasizing the importance of the Chinese market, which is its largest market outside Germany [1][6] - Bosch's sales in China reached ¥142.7 billion in 2024, reflecting a year-on-year growth of 2.7%, with over ¥60 billion invested in China in 2024 alone [1][9] Financial Performance - The EBIT (Earnings Before Interest and Taxes) for Bosch was €3.1 billion, down from €4.8 billion in 2023, resulting in an EBIT margin of 3.5% [1][4] - Sales in Europe decreased by 4.9%, while sales in the Americas and Asia-Pacific regions grew by 4.8% and 0.7%, respectively [5] - Bosch's intelligent mobility business generated sales of €55.8 billion, while industrial technology sales fell by 13% to €6.4 billion due to adverse market conditions [5] Market Dynamics - Global automotive production is projected to decline from 94 million units in 2023 to 93 million units in 2024, with a 6.7% decrease in the EU and UK [2][4] - The adoption rates of future technologies such as electric mobility and fuel cells are slower than industry expectations, impacting Bosch's core business sectors [4][6] - The competitive landscape in China is described as "overheated," prompting market adjustments and consolidation trends in the automotive sector [6][8] Strategic Focus - Bosch's 2030 strategy aims for an average annual sales growth of at least 6% and a profit margin of at least 7% [6] - The company is investing heavily in future technologies, with nearly €13 billion allocated for forward-looking investments in 2024, including €5.1 billion for capital expenditures and €7.8 billion for R&D [8] - Bosch is focusing on artificial intelligence and software integration in its operations, particularly in the intelligent mobility sector [8][9]