TOKYO -- Delphi Corp., the world's largest automotive parts supplier, said on Thursday it expected to keep growing at a strong pace in China over the next few years due to the country's rapidly expanding car market.
Delphi's sales in China grew more than 30 percent in each of the last two years, contributing to the company's steady expansion in the Asia-Pacific region.
"There is remarkable growth going on in China's car market," Jose Maria Alapont, head of Delphi's international operations, told a press meeting in Tokyo.
"We expect very strong double-digit growth in 2003 and for the next few years to come."
The Troy, Mich.-based company, which was spun off by General Motors Corp. in 1999, has said it expects its non-GM revenues to grow by 13 percent in 2003.
In 2002, sales in the Asia-Pacific region jumped 22 percent from the previous year to $1.2 billion. The region accounted for nine percent of non-GM revenues, which in turn represented 35 percent of all sales, totalling $27.4 billion in 2002.
Alapont said commercial vehicles would play an important role in expanding its business in the region, noting that they made up more than half of all vehicles in countries like China and India.
Delphi projects revenues from commercial vehicles to rise to $1 billion in 2005 from around $700 million last year.
The company said last month it swung back to profit in the October-December quarter after posting a loss a year ago, thanks to cost-cutting and strong sales to automakers.