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Faurecia targets nearly double sales in China by 2018

French supplier Faurecia said it is aiming for sales of more than €4 billion ($4.97 billion) in China by 2018, up from €2.3 billion estimated for this year, as it expands in the world’s biggest automotive market.

Faurecia, 51 percent owned by PSA/Peugeot-Citroen, said at a conference in Shanghai it would invest €400 million over the next five years in China, where it expects to have 55 plants and more than 1,200 engineers working in r&d.

Faurecia currently has 38 plants in China as well as four r&d centers that employ 800 engineers.

Faurecia also confirmed a global sales target of more than €21 billion by 2016, up from €18 billion in 2013, and an operating margin of between 4.5 percent and 5 percent, compared with 3 percent last year.

Faurecia said its China sales target would be achieved because of growing demand from international carmakers but also stronger ties with Chinese automakers and partnerships like the one it has had with Changan Automobile Group since April 2013.