Considering China as a major market, German automotive supplier Vitesco Technologies has been a big investor in the country, especially in electrification solutions.
The company, as a global supplier of modern drive systems and electrification solutions for sustainable mobility, has set great store by the Chinese market.
"And for us it's a very important market. Since 2021, 18 percent of Vitesco Technologies' sales have been in the country. Therefore, our first intention is to grow together, and even, if we can, faster than the market.
"Many players are interested (in China's new energy market) and what we're doing is investing heavily."
He noted that in the past three years, the company has invested more than 500 million euros (US$544.20 million) in the Chinese market purely for electrification, citing the establishment of a new research and development center in Tianjin as an example.