Visteon (NASDAQ:VC)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Visteon Charts. Click Here for more Visteon Charts.](/p.php?pid=staticchart&s=N%5EVC&p=8&t=15)
Visteon's Pallash Emphasizes Keys to Success in Chinese
Automotive Market
SHANGHAI, China, June 23 /PRNewswire/ -- Robert Pallash, vice president and
general manager of Visteon Corporation's (NYSE:VC) Asian Customer Business
Group (CBG), recently spoke at the Automotive News China Congress in Beijing,
where he emphasized five keys to success for operating in the Chinese
automotive market.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
Speaking to an audience of vehicle manufacturers, suppliers and other
automotive industry representatives, Pallash cited five key elements to winning
in China:
Develop a robust strategy -- Having a sound business strategy -- with
adaptability and flexibility to the changing market situation -- can be the
difference between success and failure in this dynamic market. This includes
determining what kind of presence a company wants in China, identifying the
target market and considering whether to compete on the basis of cost,
technology or both. "Companies need to carefully evaluate their own
competitive positions and decide what will fit their corporate strategies and
business plans," Pallash said.
Build strong local capabilities -- Having strong local capabilities in China is
imperative for product development, account management, manufacturing
operations and supply base, Pallash noted. For instance, Visteon's
relationship with Shanghai Automotive Industry Corporation (SAIC) has helped
establish and foster a very successful joint venture - YanFeng Visteon - for
product development capabilities in the region.
Cultivate an understanding of the market and culture -- "It begins with
understanding what consumers in China want," stated Pallash. "Suppliers and
automakers competing in the Chinese market have to be very concerned with
technology and details, and execution must be flawless. Visteon follows a very
disciplined approach to understanding the needs of the customer and the
customer's customer -- with every program we pursue."
Act with speed -- Anyone who has conducted business in China recently knows
that things happen very quickly in this market. "The ability to act and react
with speed is essential," Pallash said. "Opportunities come and go quickly
here." Pallash stressed that speed is critical in virtually every aspect of
doing business in China including: setting up joint ventures, identifying and
hiring local talent, designing and engineering products, obtaining materials
and parts from suppliers and preparing and executing shipment of products for
export.
Align with proven partners -- The final piece of operating for success in China
has to do with partnerships. "To be successful in China, you must identify and
align yourself with strong partners. Selecting the wrong partners can quickly
negate the progress you've made by following the other four steps," Pallash
said. "Partnering with the appropriate customer or competitor can provide a
competitive advantage and may yield significant business results," he added.
"All of us are intrigued and excited about the tremendous growth opportunity in
China," said Pallash. "One thing to remember is that rapid growth means rapid
change. What's true today as the basis for creating a business model in China
may not be valid in a few years -- or even months -- as this dynamic market
continues to evolve at a breathtaking pace. What is certain is that this
market offers a multitude of choices for companies eager to establish a
foundation for success. At Visteon, we continue to build on more than a decade
of presence in Asia Pacific and look forward to what the future holds."
For more than 10 years, Visteon has been growing its presence in Asia Pacific.
Today, Visteon operates more than 20 manufacturing facilities in the region
located throughout China, Japan, Korea, Thailand, the Philippines and India,
serving a variety of global and regional automakers. Visteon is a leader in
delivering climate, interior and electronics components and systems to
customers in what has become the fastest-growing automotive market in the
world.
Visteon Corporation is a leading full-service supplier that delivers
consumer-driven technology solutions to automotive manufacturers worldwide and
through multiple channels within the global automotive aftermarket. Visteon
has approximately 72,000 employees and a global delivery system of more than
200 technical, manufacturing, sales and service facilities located in 25
countries.
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
DATASOURCE: Visteon Corporation
CONTACT: Liane Bilicki, +1-313-755-2916, , or Seiji
Hanehara, 81-45-910-2170, , both of Visteon Corporation
Web site: http://www.visteon.com/