Bosch has said it remains confident in China’s future prospects and committed to investing in new technologies and a wide range of smart mobility solutions for the innovation-supportive business environment in the city.

Over the past 10 years, Bosch has invested a combined 50 billion yuan (US$6.89 billion) in China and is also increasing investment in new fields, said President of Bosch China Xu Daquan at a media briefing on Tuesday.

Currently about 80 percent of Bosch’s China business comes from automotive parts and smart mobility relevant services, and the group intends to focus on on growth fields such as new-energy vehicles, smart mobility, hydrogen, software, and artificial intelligence.

“We expect to benefit further from an even larger presence of local electric vehicles in both home and overseas markets,” Xu said.

In 2023, Bosch Group’s sales in China reached 139.1 billion yuan, a 5.2 percent year-on-year growth and sustaining it as the biggest market outside of its German headquarters.

The company expects to maintain a stronghold in the Chinese market and about 60 percent of mobility businesses currently come from local clients.

Xu was also encouraged by China’s visa-free entry policy for selected European countries, which has encouraged business travel and trade activities.

A new site of Bosch Hydrogen Powertrain Systems (Chongqing) started operation in November last year, signaling the group’s acceleration towards the industrialization of hydrogen technology.

With nearly 58,000 employees and over 10,000 research and development associates in the country, the company said it was constantly finding new ways to combine research expertise and local resources to respond to the latest market trends.