Qingdao, China, Oct. 12, 2023 (GLOBE NEWSWIRE) — On October 10, the fourth Qingdao Summit of Multinational Company Leaders officially opened. The hosting of this summit has once again made Qingdao the focus of the world. This is not only a key node for Qingdao to demonstrate strong development resilience and showcase the city’s image to the world, but also an excellent opportunity to comprehensively boost confidence in economic development and tell the world the “Qingdao story” of China’s economic development in the new era.
In light of this, IFENG Qingdao has specially planned and launched a series of reports called “Qingdao@World Multinational Enterprises Talk about Qingdao”, directly covering the summit site. Through conversations with the heads of large multinational companies around the world, we will comprehensively display the opinions and suggestions of multinational companies on Qingdao, China’s economic development, business environment, and investment trends, and listen to their “city impression”, “city expectations” and “city fate” of Qingdao.
On October 11th, IFENG Qingdao had a special conversation with Garrett’s Global Vice President and General Manager for China, Zhang Yue.
GARRETT Achieves Notable Milestones in China with Strong Growth in 2023
Garrett China continues to exhibit robust growth over the past year, marking significant milestones in its development journey. According to Mr. Zhang Yue, by the beginning of this year, Garrett’s cumulative turbocharger deliveries in China surpassed 30 million units. To put this in perspective, between 1994 and 2016, Garrett had only achieved a total delivery of 1,000 turbochargers.
“These 30 million turbocharger products bearing the Garrett brand not only represent our dedication and perseverance,” says Zhang Yue, “but they also embody every moment of China’s automotive carbon reduction initiatives.”
Zhang further elaborated on Garrett’s strategic vision for the Chinese automobile market. The brand regards it as a key global market. This year, Garrett completed the second phase of expansion and equipment upgrades at its Wuhan plant, which has now commenced production. Notably, the Wuhan Phase II facility is pioneering in China, introducing the country’s first fully automated high-speed production line for manufacturing gasoline variable geometry turbochargers. This innovation aids in the high-quality development of plug-in hybrid vehicles in China.
Especially during 2022-2023, Garrett further enhanced its zero-emission technology innovation capabilities in China:
“We have established localized research and development capabilities specifically for electric vehicles and have secured collaborative projects with several Chinese automakers. This is expected to bolster our expansion efforts in the fields of hydrogen fuel cell air compressors, high-speed triplex electric drives for pure electric vehicles, high-power electric compressor cooling systems, and intelligent connected car software solutions. It will expedite the implementation of zero-emission automotive projects in China,” commented Zhang.
The East serves the East and drives green travel
Garrett is the first foreign-funded enterprise to introduce automobile turbocharging technology into China. At the beginning, we introduced global design experience and worked with local customers to apply supercharged products in projects in China. Afterwards, under the booming market development, Garrett advocates the East serves the East strategy in terms of corporate strategy and layout, focuses on building end-to-end localization capabilities, responds quickly and develops customized products for the booming Chinese automobile market, and helps Chinese engine technology achieve the world’s highest level of thermal efficiency performance.
Garrett has a world-class factory in China, a global R&D center in Shanghai, and a team of efficient and professional R&D engineers. It is reported that 90% of Garrett’s raw materials are currently purchased locally and 100% is produced locally.
“We respond quickly to market demand, create cost-effective hot models, and realize China’s innovation, China’s speed, and China’s decision-making. Talking about the future development focus of the company, China’s current automobile production and sales are almost 27 million vehicles per year. Under this volume, internal combustion engines with higher thermal efficiency are an important means of low carbon and emission reduction. “
Zhang Yue introduced, “We are always committed to upgrading turbocharging technology, supporting internal combustion engine performance improvements, and embracing zero emissions. Through four core differentiated capabilities, we continue to expand our leading advantages and develop differentiated electric vehicle solutions for customers, including a high-speed three-in-one electric drive system for pure electric vehicles, the modular design is smaller and can comprehensively improve the performance and cruising range of electric vehicles. “
Join us for a great event and plan for the future
Regarding her participation in the summit, Zhang Yue said she felt that this trip was of great significance.
She believes that the Qingdao Multinationals Summit has set up an important communication platform for multinationals and governments at all levels to discuss the future development of multinationals in China, global innovation and other topics:
“Through the exchange, the enterprises learned about the state’s full support for the development of MNCs in China at the strategic and policy levels, as well as more development opportunities; on the other hand, they also had in-depth discussions with upstream and downstream enterprises of the industrial chain and industry partners on the practice of innovation, and the study of the development of the market, which is very meaningful.”
Regarding the current Chinese market, Zhang Yue believes that Garrett’s achievements in China’s operations, including the continuous strengthening of local R&D capabilities and the expansion of production operations, are inseparable from the help and policy support of the national and local governments.
She said that she increasingly feels that China is a source of innovation, constantly bringing together superior technologies, experience and resources from around the world, and implementing them into commercial applications that benefit the market:
“A good business environment is like sunshine, air and soil, which is the foundation for the growth, germination and prosperity of our enterprises.We hope to participate more in innovation and demonstration projects in the new energy field encouraged by the country in the future, transform technological achievements into commercial applications, and jointly promote the development of new energy, especially the hydrogen fuel cell industry. “
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