The recent news from Bosch was colored in doom and gloom for the auto industry.
The world’s largest auto supplier just announced a 44% plunge in annual operating profits. Over the past year, it laid off 6,800 workers. And it isn’t expecting any sunshine soon. Bosch predicts that 2020 will mark the third straight year of global production declines, down 10 million units from 2017.
“It could well be that we have passed the peak of automotive production,” warned CEO Volkmar Denner.
And although we may hear other negative news during this earnings season’s announcements, one company’s misfortunes rarely speak for an industry at large.