Siemens is maintaining its investment in research and development despite the economic slowdown and reduced energy consumption caused by the global coronavirus pandemic, managing board member Cedrik Neike said.

« It comes out of the bottom line to be honest, » Neike told journalists. « We believe we have to invest in future technology. »

« COVID-19 is going to go away at some stage, » he added, saying Siemens is one of the world’s biggest investors in technology R&D, spending more than 5.4 billion euros ($6.11 billion) per year.

Siemens expects global energy consumption to fall by 6 per cent this year — equivalent to the energy consumption of India — due to the restrictions announced because of the virus, Neike said.