Bosch to pass price increases on to customers

BERLIN, May 4 (Reuters) – German automotive supplier Bosch  wants to pass on price increases to customers as already-high production costs have been exacerbated by the effects of the war in Ukraine.

“The burden on our result is growing considerably due to steep increases in the cost of energy, raw materials and logistics,” Bosch’s finance chief Markus Forschner said.

“It’s not just automakers that have to pass on price increases, but especially suppliers such as us as well.”

Thanks to price increases and favourable exchange rates, Bosch expects sales growth of more than 6% for the current year, after sales of almost 79 billion euros ($83.14 billion) in 2021, and a return on sales for 2022 of 3-4%.

($1 = 0.9502 euros)

(Reporting by Ilona Wissenbach; writing by Miranda Murray; editing by Jason Neely)