German engineering company Bosch said Friday that it is abandoning its solar energy business, because there is no way to make it economically viable amid overcapacity and huge price pressure in the industry.
The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition, especially by Chinese manufacturers. Robert Bosch GmbH's move came after German industrial conglomerate Siemens announced last October that it would give up its loss-making solar business.
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