Valeo, which recently posted strong first quarter financial results, is targeting the Chinese auto sector for future growth.
The company grew its Q1 OE sales in China by 25% over last year. Valeo says growth was driven in particular by the strong growth with Chinese brands, accounting for more than 40% of the group's total sales in the country.
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The company plans to maintain growth momentum and double its sales in China in the next four years. In 2016, its sales revenue grew 14% to EUR16.5bn, of which 28% came from China.
At a recent opening of a technical centre in China, CEO and Chairman of the Valeo Group, Jacques Aschenbroich, said China is a 'priority' for the company.
Aschenbroich also said the latest technical centre, which focuses on lighting technology and driving assistance systems, would further help it to take root in China and better serve global markets.
The first Valeo Group facility in China was built in 1994. The group now has 13 research and development centres, 30 manufacturing facilities and another 12 projects under construction across the country.
