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Multinational Auto Parts Enterprises Accelerate "Sole Investment" in China
In recent months, the Chinese auto parts sector has seen a significant shift in foreign investment policies, allowing higher ownership stakes for international companies. As a result, "sole proprietorship" is becoming increasingly common among multinational auto parts firms. According to data released by several manufacturers, over the past six months, companies like Delphi, Mahle, and Bosch have established more than 10 new production facilities in China, with over 90% of these being fully owned subsidiaries. This year alone, several auto parts companies have launched three new R&D centers in China, each backed by investments exceeding 100 million yuan.
Delphi’s representative recently told reporters that the company currently operates eight production sites in China, including a newly opened R&D center. Two of its recent ventures—part companies and a technology center—were fully owned, with the focus now shifting toward expanding its China-based R&D capabilities. The technologies developed there will belong exclusively to Delphi. Mahle, a leading engine component manufacturer, has been the fastest to adopt full ownership in its Chinese operations. Its stake in all local enterprises exceeds 50%, and its plants in Nanjing and Chongqing have completed the transition to sole proprietorship. The company's technology center in China is also fully owned. According to Mahle China, the firm has acquired shares from joint venture partners in Nanjing, Chongqing, and Tianjin, and its new investments in China now account for 10% of its global expansion plans, a figure expected to grow further.
Bosch is also increasing its domestic presence. The company plans to invest 650 million euros in China between 2005 and 2007, with sales projected to double by 2007. Industry analysts note that the trend of multinational auto parts companies moving toward full ownership is accelerating. One key reason is the rapid growth of China’s automotive industry, where the demand for parts and components has reached 80 billion yuan annually. With China now ranking second in vehicle production globally, the country has become an attractive market for foreign investors.
Another factor driving this shift is the easing of foreign ownership restrictions. Unlike the limited investment ratios in the整车 (complete vehicle) sector, China has removed shareholding limits for engine manufacturers as part of its auto industry development policy. This change has made it more appealing for foreign firms to take full control of their operations in China.
Experts at the China Automotive Technology and Research Center highlight that the value chain of the domestic auto industry is shifting toward parts and components. In 2003, the total revenue of the automotive sector was 929 billion yuan, with parts and components contributing around 300.3 billion yuan, or about one-third. By 2004, the parts industry had grown to nearly 440 billion yuan, almost matching the total vehicle sales. This trend underscores the growing importance of the auto parts sector in China’s economy and the strategic moves of global players to secure a stronger foothold through full ownership.