The Bosch logo on the research campus. (picture alliance/Sebastian Gollnow/dpa/archive)
German car parts supplier Bosch said on Thursday it plans to invest 2 billion euros (2.24 billion dollars) in the coming years to make its factories more energy efficient and transition to renewable energy sources.
Bosch said it hopes the investment will save the company 1 billion euros by 2030 and, with the help of carbon pollution offsets, make it climate neutral already by next year.
The investment comes as Bosch is still working off a series of costs resulting from the diesel emissions scandal that rocked Bosch and Volkswagen.
Bosch is accused of supplying the cheat devices used by VW and has already settled a series of US lawsuits. It has set aside another 1.2 billion euros for further costs as German prosecutors continue to investigate the company.
Bosch said revenues increased by 2.2 per cent to 78.5 billion euros in 2018, while after-tax earnings rose to 3.6 billion, up from 3.3 billion the previous year.
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