26 Mar '13, 3pm

Report: Bosch turns off light on money-losing solar power unit

Report: Bosch turns off light on money-losing solar power unit

Major automotive supplier Bosch is stepping out of the solar power business after having lost 2.4 billion euros (nearly $3.1 billion US) since starting up its solar energy subsidiary in 2008. Bosch will end its solar power panel production early next year, and put parts of this business unit up for sale. Bosch's car parts division created the solar power business after it bought Aleo Solar and Ersol. The solar subsidiary lost 1 billion euros (about $1.28 billion US) last year. After the German government curbed green energy subsidies and Chinese competitors flooded the market with cheap products, the business climate has been rough for Bosch. Other German solar companies are feeling the pinch – major solar companies SolarWorld and Conergy are in debt restructuring talks and Q-Cells filed for insolvency last year. "This is possibly the most painful experience that I have ha...

Full article: http://green.autoblog.com/2013/03/26/bosch-closing-money-...

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