Bosch has announced they will invest 4 billion Euros into the development of driverless cars by 2022. They currently have 4,000 engineers working on self-driving car technology and have partnered with the automotive company, Daimler, to develop the cars.
“Driverless driving will be a game changer for individual mobility,” said Mr Denner. “It will open the door to disruptive business models such as robotaxis and shuttle-based mobility.”
Bosch has been expanding into electromobility and to date has purchased thirty electromobility projects valued at over 7 billion Euros. Bosch has previously announced ambitions to electrify the transportation of goods and to develop expertise in AI.
Bosch’s future plans also include branching out into reservations, payment and parking, recharging, maintenance and infotainment.
The company has great financial interest in the on-demand and ride-hailing market as Roland Berger analyst estimates this market to be worth $160 billion by 2035. Bosch has recently had to retrench 600 employees who worked on diesel engines, as the demand for this technology is on the decline.
Last year, Bosch’s total sales increased by 1.5 percent to 77.9 billion Euros with the automotive division contributing 47 billion Euros to this total. Bosch hopes to continue this growth in this division with sales of driver assistance systems estimated to generate 2 billion Euros in sales in 2019.