Business
April 22, 2005
Bosch Group Invests $600 mln in Chinese Auto Market
The world' largest auto parts supplier, Robert Bosch Group, held a press conference on its China strategy in 2005 in Shanghai on Thursday. The decision to hold the press conference a day before the "Auto Shanghai 2005" conference indicates that Bosch Group has given this strategy much consideration.
Bosch Group director Rudolf Colm, who is also in charge of its Asia-Pacific business, said that by the year 2007 Bosch would add another $600 million investment to support the development of China's auto industry. The president of Bosch (China) Investment said the $600 million new investment would be used to build 4 projects including the Bosch Automotive Diesel System Ltd., Bosch Technology Center (Suzhou) Ltd. and Changzhou Plant expansion project, etc.
According to the latest statistics, by the year 2006 China will surpass Germany to become the third largest auto producer, following the US and Japan. Bosch hopes to further develop its China business through this investment. In 2004 Bosch spent $600 million on procurements in China. Bosch (China) Investment declared that Bosch would double its procurements in China by the year 2007, which would reach $1.2 billion.
By People's Daily Online
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