Bosch to raise money for electric vehicles future, says NO to IPO
Robert Bosch, the world’s largest automotive supplier, discussed the merits of a potential stock market floatation with investment bankers as part of a broader funding review, but has chosen to remain unlisted, people close to the matter said.
Bosch managers invited several bankers to discuss capital market funding needs as the automotive supplier overhauls its business to keep pace with the car industry’s shift away from combustion engines toward an electric and autonomous future, according to Automotive News.
Bosch remains heavily exposed to diesel and combustion engines and shifting production toward electric motors and other components requires billions of euros in investments over a number of years, the sources said.
“There are no (IPO) plans,” a Bosch spokesman said. Bosch is controlled by the Bosch foundation, which owns 92 percent of Bosch’s capital, with the Bosch family holding the rest.
Bosch said it expects global car production in 2019 to remain at this year’s level, citing a cool-down in China and lower demand for diesel cars in Europe.