Magna expects to increase its revenue in China by 4 times this year by 2020

According to a comprehensive report, Magna , Canada, is optimistic about its business growth in China. It is expected that by 2020 sales revenue in the Chinese market will quadruple this year.

In October, Magna CEODonWalker said in a press conference in Shanghai that it expects its operating revenue in China to approach US$1 billion in 2013, which is more than US$800 million last year. With the rapid growth of the auto market in China, the pace of future growth is expected to accelerate. Walker said: "Given that Magna has already (in China) signed a business, we expect that our sales in China will reach about 2 billion U.S. dollars by 2015, and we hope to at least double this figure to 4 billion U.S. dollars by 2020. ."

This means that this year, Magna’s revenue in China has increased by more than 20% compared with last year, 2015 has doubled this year, and in 2020 it has doubled from 2015 to about 4 times this year. Walker expects Magna's global operating income to reach $34 billion this year. Magna entered the Chinese market in 1996, but current business revenue in China only contributes about 3% of its total revenue, so Magna believes there is still huge potential to be discovered in China.

Walker explained that Magna's late entry into the Chinese market was due to the rapid growth of European operations on the one hand and the global financial crisis on the other. Now China has become a key market for Magna, and its goal is to rank among the largest auto parts suppliers in the Chinese market.

In order to support the growth of its business in China, Magna plans to invest US$1 billion in the 2011-2015 plan to build 8 new factories in China. Magna now has 26 factories and 8 engineering centers in China with a total of 9,200 employees.

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