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French auto parts supplier Faurecia said on November 10 it was aiming for sales of more than €4 billion ($4.97 billion) in China by 2018, up from €2.3 billion estimated for this year, as it expands in the world's biggest automotive market.
Faurecia, 51% owned by carmaker PSA Peugeot Citroen , said at a conference in Shanghai it would invest €400 million over the next five years in China, where it expects to have 55 plants and over 1,200 engineers working in research and development (R&D). The company currently has 38 plants in China as well as four R&D centres that employ 800 engineers.
Faurecia said its sales target would be achieved thanks to growing demand from international carmakers but also stronger ties with Chinese carmakers and partnerships like the one it has had with Chang'an Automobile Group since April 2013.
Faurecia also confirmed its targets for up to 2016. The group aims for total sales of more than €21 billion, up from €18 billion in 2013 and an operating margin of between 4.5% and 5%, compared with 3% last year.
Faurecia is among several French companies in the automotive industry to host investor events in China this week.
On November 12, Renault is due to give investors an update on the progress of its first Chinese plant, which is currently under construction. Also, auto parts maker Valeo has invited financial analysts to visit one of its sites in China.
Faurecia Interior Systems and its global leather interior trim operations are featured in the November-December edition of International Leather Maker (ILM).