German supplier Brose Group expects its annual sales in China will grow by 50 percent by 2020, as the company undergoes a period of expansion in the country.
"Our forecast shows a growth of 1.5 billion euros (10.1 billion yuan) in turnover in 2020 which will be an additional 50 percent growth compared to now," Thomas Spangler, Brose's Asia president, said at a news briefing at the Shanghai auto show last week. "I am very confident that we will surpass this objective."
This year, Brose will add two plants in China, one in the east China city of Taicang and the other in the south China city of Guangzhou. That will bring the number of the company's factories in China to 13.
Brose's 11 existing plants produce seats, motors and doors. The company sources nearly all of its equipment and tools locally.
Brose currently employs more than 4,000 people in China.
Last year, Brose's sales in China topped 1 billion euros, up 15 percent year on year. China generated nearly 20 percent of the company's global sales.
Brose has 60 facilities in 23 countries. Last year, its company revenue totaled 5.2 billion euros, up 11 percent.