Fellenbach, the chairman of Bosch, Germany’s largest and the world’s second-largest auto parts manufacturer, recently said in an interview with the German “Economic Weekly†that the company will derive considerable profits from the booming Chinese auto market. In the next 10 years, the company plans to increase sales in China to five times the current sales volume. By then, the company's annual sales in China will reach 5 billion euros. He believes that China's current annual production of cars is about 4.5 million, and by 2012 it will reach 9 million. At present, the company mainly provides automobile parts and components for joint ventures of China International Automobile Group in China. With the gradual formation of China's local auto group, the company will also supply them.
Fee also believes that in 2004 the development of the global automotive industry will see a big turn for the better and the growth rate will reach 3% to 4%. Bosch has annual sales of approximately 35 billion euros and employs 225,900 people. Fees forecast that the company's sales growth will mainly come from outside Europe, especially China, India and the United States market. Therefore, the investment direction of the company will also be mainly concentrated in Asia, the United States, and Canada. The proportion of total investment in Europe in the next 10 years will be reduced from the current 65% to 50%.
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