French parts supplier Valeo plans to focus on emissions technology and expanding in emerging markets as it aims to double global sales by 2020.
The company said in a statement it will double sales to EUR15bn (USD20.4bn) in the next 10 years and deliver a return on capital of about 30% within three years.
Valeo said that two-thirds of its research budget will be spent on hybrid and electric powertrains, as well as on cutting carbon- dioxide emissions from conventional engines.
It will also target growth in China and India.
Chief executive officer Jacques Aschenbroich said : “By focusing our investments in these two areas, I am convinced that Valeo will be able to return to organic growth and play an active role in the consolidation of the sector.”
Valeo is known for products such as windshield wipers, headlights and hands-free parking devices, but announced last month that it would make components for gasoline-electric hybrid power systems as part of a programme to develop fuel-saving technology.