Magna aims to record $4 billion sales in China by 2020

Article by Anita Panait, on November 1, 2013

Magna International Inc. is targeting to generate $4 billion (CHY24.35 billion) in sales in China by 2020, according to chief executive Don Walker. The Canadian supplier is expected to post nearly $1 billion in sales this year, up from $800 million in 2012. Magna expects its sales growth in China to fast-track, boosted by new business gained from the Chinese vehicle market.

Walker remarked that Magna will post $2 billion in sales by 2015 and around $4 billion by 2020, achieved through organic growth. He remarked that if Magna makes acquisitions, its sales growth would be faster than what he expects. Magna currently has 26 manufacturing sites and eight engineering offices in China and has a workforce of around 9,200 people.

To back up its growth in the Asian country, Magna plans to invest around $1 billion to build eight plants from 2011 to 2015, Walker said, remarking that the Canadian company is expected to post $34 billion in global sales this year.

Magna penetrated China in 1996, but the country only accounted for around 3 percent of its global sales. Walker quipped that Magna was late in coming to China, partly due to the fact that the company was experiencing strong growth in Europe and partly because of the global economic downturn. Magna’s CEO remarked that China is now the company’s major focus, with an aim to grow rapidly in the country and become one of the biggest auto parts suppliers in the market.

Topics: magna, china, sales

If you liked the article, share on:

Comments

Recommended

A racing team is claiming that it has managed to break the lap record in its category in the ever-demanding Nurburgring circuit in 2016 while driving a road-going Volvo S60...
by - May 27, 2017
Aside from the officially confirmed BMW 8 Series, the next generation BMW M5 (F90) is getting a lot of attention from the fans, enthusiasts and even potential customers around the...
by - May 27, 2017
Automobili Lamborghini’s preparations for the production of its first ever sports utility vehicle, the new Lamborghini Urus, has reached new grounds as the Italian carmaker is disclosing plans to construct...
by - May 26, 2017
The upscale version of the GMC Yukon body-on-frame sport utility vehicle – the GMC Yukon Denali – has been refreshed for the 2018 model year. It now sports a new...
by - May 26, 2017
The largest gathering of Volkswagen and Audi cars in Europe is underway, and the German premium carmaker is displaying the third model of its G-Tron range at the 2017 Worthersee...
by - May 26, 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