TOKYO - Delphi Automotive Systems Corp. said it expects to double its sales in Asia by 2003 to more than $2.8 billion as it increases its local manufacturing.
The world's largest parts maker, which had Asian sales of $1.6 billion last year, also announced that it booked $1 billion in new business in the first three quarters of 1999. Much of that revenue will not be recognized until at least 2001.
'We ultimately want Asian automakers to view Delphi as their best supplier,' said Delphi Chairman J.T. Battenberg III.
Delphi has launched 19 joint ventures, 13 plants and three technical centers in Asia during the past seven years. Its alliances include a $15 million investment in Japan's Akebono Brake Co. and the acquisition of China's Bai Cheng, announced last week at the Tokyo Motor Show.
Terms were not disclosed.
Delphi, which was spun off from parent company General Motors in May, had worldwide sales of $28.5 billion in 1998.