Visteon's Pallash Emphasizes Keys to Success in Chinese Automotive Market
June 23 2004 - 3:50PM
PR Newswire (US)
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/
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