Valeo has said it aims to double revenue in China every four years as it targets a larger share of the world’s largest new vehicle market.

Group CEO Jacques Aschenbroich made the comments at the opening of a new factory in Shanghai.

Aschenbroich said China’s share of group sales increased from 8% in 2011 to 13% in 2013. He added that last year’s revenue growth of 30% in China far outpaced the 15% growth in the country’s overall vehicle production. 

With China accounting for 24% of new order intake last year, this market is set to become Valeo’s largest source of revenue by 2016.