As a result Bosch would not be able to achieve an earnings before interest and taxes margin of 7% as it did last year, Stefan Asenkerschbaumer told the newspaper.

The company had forecast a rise in revenue and an EBIT margin of 6% to 7% for this year.

“We will not be able to repeat the high margin from last year given the development in revenues,” Asenkerschbaumer said, adding that he believed automotive production would stagnate over the next three years.

By 2025, Bosch expects to generate 5 billion euros ($5.6 billion) in revenue from electric cars thanks to steady growth in this segment, particularly from China, he said.

Bosch has already supplied components for more than 1 million electric vehicles and expects revenues to grow since it has developed power trains for 50 vehicle platforms for various manufacturers, the executive told the newspaper.