Skip to comments.Bosch abandons solar energy
Posted on 03/22/2013 11:43:33 PM PDT by Olog-hai
Bosch ROBG.UL said it will sell or shut down its heavily loss-making solar energy operations, the latest blow to the industry as Germany curbs green energy subsidies and cheap Chinese imports flood the market.
In a rare reversal of strategy from the manufacturing conglomerate, Bosch said on Friday it would end its photovoltaics, or solar panel, production early next year and put parts of the business up for sale.
Unlisted Bosch, one of the worlds largest maker of car parts, has lost 2.4 billion (£2 billion; $3.1 billion) since it created the solar energy unit in 2008 after it bought Aleo Solar and Ersol. It made a 1 billion ($1.3 billion) loss last year.
(Excerpt) Read more at uk.reuters.com ...
Maybe they can get some advice form Solyndra on how to succeed. Obama said they would be a success. Oh, wait.
Don’t blame all of that loss on solar. Bosch derives over 50% of its revenue from producing auto parts, both OEM and aftermarket. When GM and Chrysler declared bankruptcy in the winter of 2008-09, Bosch lost about $400 million in accounts receivable.
Even so, solar panels have been a losing proposition for any company that isn’t Chinese.
Bosch is a bizarre corporation. Almost all of the stock is owned by, and therefore almost all profits go to a charity set up by the Bosch family. I think the family only owns about 7% of the stock.
Can you name the unsubsidized Chinese businesses that are profiting from solar?
Even with subsidies it is a failure.
Suntech Is Pushed Into Chinese Bankruptcy Court (Chicomm solar panel company)
No one subsidized the iPad or Android...let the free market work