TOKYO -- The car audio and navigation unit of Japan's Matsushita Electric Industrial Co. Ltd. said on Thursday it aimed to boost revenue by 150 percent to one trillion yen ($8.52 billion) by the 2010/11 financial year.
"We see no significant growth in global auto production towards 2010. But cars are becoming electronics-intensive at a high pace," Panasonic Automotive Systems President Takami Sano told reporters.
The division of Matsushita, the world's second-largest consumer electronics maker, said it would target global sales of 550 billion yen in the year beginning in April 2005, up from estimated revenue of 400 billion yen for the current year to March 31.
"In 2005, we expect to see potential global demand of 5.44 trillion yen. We would like to take a 10 percent share of that," said Sano, who did not specify the division's current market share.
It also aimed to post double-digit growth in operating profit by 2005, he said.
Matsushita Electric Industrial, which also operates audio-visual, mobile phone and other divisions, expects a consolidated operating profit of 120 billion yen on sales of 7.3 trillion yen for the year to March 31.