German car parts supplier Bosch has seen its sales drop by nearly 20 per cent so far in 2009, it has been reported.
Bernd Bohr, head of the company's car parts division, said Bosch was expecting to post its first annual group loss since World War Two.
“Despite the cash for clunkers incentive in Germany and some other countries, our turnover with auto components will fall by closer to 20 percent than 15 percent,” Bohr told Reuters.
Sales at Bosch were down seven per cent last year to 26.5billion euro (£22.39billion), but Bohr said Bosch had no plans to take a stake in a car company like Magna have done in purchasing Opel.
“We try to avoid conflicts of interest with our customers,” he added.
Bohr also said that the combustion engine would have at least 20 more years of production before electric alternatives could truly challenge it.
“Combustion engines have a right to existence for the next 20 years, in particular in emerging markets, for the transport of goods and in long-distance traffic,” he said.