Robert Bosch GmbH, one of the world's largest auto parts suppliers, has announced the establishment of an Electric Drive and Hybrid Division in China.
Bosch said that the new department will focus on electric vehicle drives.
According to Franz Fehrenbach, the chairman of the board of management of Robert Bosch GmbH, Bosch will invest about CNY1.5 billion in China in 2009, mainly focusing on renewable energy and drive assembly. Fehrenbach stated that China would continue to be the main motive force for Bosch's business in Asia and the company expects the sales revenue from China market to increase by 15% over that of 2008 even though it anticipates a decline of 15% in sales revenue from the global market for the same period.
It is learned that Bosch will cooperate with other car manufacturers on new energy vehicles and offer support to the realization of China's goal of having 500,000 new energy cars by 2011.
