Due to the rapid growth of Valeo in the Chinese market, China has surpassed France as Valeo's largest market.
In the first quarter of this year, sales of Valeo's OEMs to the Chinese market increased by 35% year-on-year to 290 million euros (2.5 billion yuan).
Erdouard de Pirey, president of Valeo China, said at the Beijing Auto Show last week: “China has become our largest market this year.â€
Valeo's revenue growth exceeds the overall growth of the domestic automotive industry, and the total sales of automobiles increased by 9% over the same period.
Due to the strong market demand for Valeo products, Pirey believes that the company's sales in China will continue to exceed the overall increase in the industry.
Last year, the Chinese market accounted for 13% of Valeo's global sales.
Bino said: "Our orders in China have been continuously growing, so we are confident that our sales in China will double every four years in the future."
Pino said that in order to support the rapid growth of business in China, Valeo has invested 1 billion euros in China each year.
Valeo has 26 plants in China, producing powertrain components, driver assistance systems and thermal systems. The company also opened three R&D centers and 10 product development centers in China.
The company has 13,000 employees in China. By the end of this year, the number of employees is expected to increase to 14,000.
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