Harman wants to get its sales in Russia up to $250 million within 5 years

Article by Christian A., on May 16, 2011

Harman International Industries is targeting annual sales of up to $250 million in Russia by 2016, waging on the renewed growth in the automobile market, Dinesh Paliwal, the company’s chief executive officer, disclosed in an interview with Reuters on Monday.

The company is one of the largest audio system manufacturers in the world and is known for brands like Infinity, Mark Levinson, Harman Kardon and JBL. Last year, the company obtained total sales of $3.4 billion worldwide.

According to Paliwal, the vehicle industry in Russia is “growing very fast” and selling premium audio system in the vehicle is also a “very big automarket business.” He further disclosed that the vehicle audio system generally comprises 70 percent of the company’s revenues while the rest come from consumer and professional audio systems.

Paliwal is expecting that this proportion will be the same in the Russian market. He also disclosed that the company’s partners want Harman to expand in Russia, opening engineering support centers and offices, as well as some factories wherein components are produced.

In addition, he said that Russia is “a much bigger market” for the company compared to Brazil and India. On the other hand, the company has also been pushing into emerging markets like China, Brazil and India. It is also targeting revenue of $1.5 billion by 2015 from these nations. Paliwan said that he expected double-digit growth in all BRIC markets.

He also disclosed that the company is already growing 40 to 50 percent in China, which is four times GDP (growth). He added that the company aims to grow at least four to five times GDP or 15-20 percent every year, in Russia. On another note, Harman provides audio products for vehicles made by Ferrari, Fiat S.p.A., Toyota Motor Corp., Daimler AG, Volkswagen AG, BMW AG and Audi.

Topics: russia, harman

If you liked the article, share on:

Comments

Recommended

Polestar is notably known to be Volvo's internal performance specialists, and around last year Polestar revealed to the public that it will utilize electrification to further advance the power of...
by - June 26, 2017
Earlier this month, Porsche introduced to us the 911 Turbo S Exclusive Series. The car wore a Golden Yellow Metallic paint. The same time it was launched, the company said...
by - June 26, 2017
Last month, the Lamborghini Centenario made its way to the Transformers: The Last Knight premiere where it got the attention of many. Following that event, three Lamborghini Centenario coupes landed...
by - June 26, 2017
The Holy Trinity of hypercars may not be accessible anymore after being discontinued, but that doesn’t mean we won’t see any more hypercars in the future. What we know is...
by - June 26, 2017
Kia is taking things a step further with the new Kia Stinger, which they first introduced at the 2017 Detroit Auto Show. With the specs given to us by the...
by - June 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries