Bosch recently announced plans to invest $420 million in its North American automotive business for electrification after facing supply chain shortages.
According to a Bosch press release, the company received approximately $11.8 billion in new electrification-related orders from customers across the world.
“While we face headwinds related to the COVID-19 pandemic, supply chain disruption, raw materials cost increases and more, our team in North America continues to rise to meet those challenges and support growth and recovery of the business here in the region,” Mike Mansuetti, president of Bosch in North America said, according to the release.
Bosch is working to invest money in automakers who are specifically seeking to localize supply chains due to supply problems. This includes a global semiconductor shortage and ever-increasing costs for raw materials, according to the release.
“We are all in for the hydrogen economy,” Mansuetti said, according to the release. “Our hydrogen portfolio is expansive across multiple domains in a way no other company can match. This cross-domain knowledge will enable Bosch to lead when it comes to driving hydrogen as a climate-neutral solution. And we are committed to local production of hydrogen solutions in the North American region in the coming years.”
Bosch will invest $1 billion by 2024 in mobile fuel cells development and $600 million additional funds in hydrogen electrolyzer components, according to the release. In 2020, Bosch took the title for the largest supplier in the automotive industry. The company’s global sales to automakers were $46.52 billion.
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