admin
BEIJING. — Multinational corporations are eager to increase their investments in the prosperous Chinese market as the new year begins. Despite a challenging global environment and lacklustre economic recovery, these companies continue to see untapped potential in China.
China offers promising opportunities for businesses from different countries to expand, thanks to its solid infrastructure, extensive consumer market and favourable investment climate that is constantly improving.
Ola Kallenius, chairman of the board of management of Mercedes-Benz Group, said that the company has made significant strides in China over the years, laying a solid foundation for future growth.
With China’s mature economic development and immense market size, there remains substantial growth potential in the long run, said Kallenius in an interview with Xinhua, adding that his company hopes to seize this opportunity and further deepen its strategic presence in China.
Germany’s Volkswagen Group, another multinational automotive company, is pushing for complete production, research and procurement localisation. Last November, the group revealed that Volkswagen China Technology Company (VCTC), its largest development centre outside Germany, plans to unveil an electric platform for the entry-level segment within 36 months.
“With the development of a China-specific platform for the entry-level segment, we are taking on significant development tasks for our ‘in China for China’ strategy,” said Ralf Brandstaetter, chairman and CEO of Volkswagen Group China.
The rise of China’s electric vehicle industry has provided ample business opportunities for French automotive equipment manufacturers such as Valeo and Faurecia.
Faurecia’s 2023 third-quarter financial report revealed an 11,8 percent increase in sales in the Chinese market, showcasing robust performance. Patrick Koller, chief executive of Faurecia, has repeatedly emphasised the Chinese market’s strategic importance for the company on different occasions, saying the increasing influence within China’s automotive sector is expected to further drive the development and progress of Faurecia’s automotive electronics supply chain. — Zinhua.
Online Reporter