German industrial firm looks to double 2003 mainland business by September
German industrial giant Siemens expects to meet its target of doubling its 2003 China revenues by the end of September next year, according to Siemens China president and chief executive Richard Hausmann.
'It is not unrealistic to say we will meet that goal this financial year,' Mr Hausmann said at a press event in Beijing yesterday.
The company grew strongly and gained market share in almost every line of its China business in the past year, he said, 'except probably our car supply unit, which still relies too heavily on Volkswagen'.
In the past three years, Volkswagen has watched its previously dominant position steadily diminish in the over-invested mainland car market.
At group level, Siemens reported a 15 per cent rise in mainland sales to 44.3 billion yuan in the year to September. New orders grew 34 per cent to 56 billion yuan.