At a press conference on Wednesday, Bosch CEO Stefan Hartung said he expects chip shortages to improve significantly in the second half of the year and is expected to return to normal supply in 2023.
The world's largest supplier surpassed pre-pandemic revenue in 2021, totaling €78.8 billion ($90 billion). The EBIT margin was 4 percent, up from 2.8 percent a year ago, but well below the internal target margin of 7.5 percent and lower than some competitors.
Much of this is due to weaker growth in its Mobile Solutions division, which includes automotive components, which generates most of Bosch's revenue, and in part due to a lack of chips.
"Last year, we felt very clearly that we didn't have enough chips to meet demand. By 2022, things will improve, especially in the second half of the year," Hartung said, noting that even machines that make chips need chips to work, so supply outstrips demand. "Hopefully, in 2023, we can work at the pace we want."
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