SEOUL -- Mando Corp. aims to double the share of its global auto-parts sales that go to China by 2015 as part of a broader strategy of reducing its heavy reliance on sales in the domestic Korean market, Mando CEO Byun Zung-su said at a conference here last week.
Currently, about 60 percent of Mando's sales are in Korea, 20 percent in the United States, 10 percent in China and the rest in all other markets, including India, he said.
Sales in China are overwhelmingly to Hyundai-Kia Automotive Co.'s Chinese joint ventures, he said.
Speaking at the Seoul Forum, put on by the Seoul Economic Daily, Byun said that his company would like to “reduce gradually” its sales in Korea over the next five years to 40 percent. The other 60 percent would be split in thirds among the United States, China and other markets.
Mando, of Pyongtaek, Kyonggi Province, South Korea, makes brakes and steering and suspension components and modules.
Mando ranks No. 61 on the Automotive News list of the top 100 global automotive parts suppliers with parts sales to automakers of $2.14 billion in its 2009 fiscal year.
