SINGAPORE -- Japan's Denso, the world's third-largest car parts manufacturer, aims to more than double its turnover in Asia-Pacific excluding China by 2010 as car sales grow, an executive said on Wednesday.
"Including India and including Australia, what we call Asia-Pacific excluding China, we are looking for something like $3.5 billion in 2010," said Chishu Murodono, Denso Corp.'s Managing Director in Singapore, at a news conference.
He said the group currently generated sales of around $1.4 billion in the region.
Denso, whose products include spark plugs, car heating and air conditioning systems as well as oil filters, said annual car demand in the 10 Southeast Asian countries part of the ASEAN grouping was expected to soar to 2.7 million vehicles from 1.5 million over the next five years.
Murodono also said the group was expanding its sales and services into North Africa, where it had identified Egypt and Algeria as core markets, and was planning a similar network in East Africa.
The Japanese firm is 23 percent owned by Toyota Motor Corp. and makes almost half of its total annual revenue from Toyota group firms such as minivehicle firm Daihatsu Motor and truckmaker Hino Motors.
Denso, valued at around $20.2 billion, stands behind only Germany's privately held Robert Bosch GmbH and U.S.-based Delphi Corp. by sales.