yNEWS RELEASEz
October 7th, 2003
FUJITSU TEN Founds Subsidiaries to Handle Sales/Design of Car Electronics Products in China
-FUJITSU TEN Enters Chinese Car Navigation Systems Market-
On September 12th, FUJITSU TEN LIMITED (Headquarters:
Kobe, President: Takamitsu Tsuchimoto, Capital:
5.3 billion yen) established a wholly owned
local sales subsidiary in Tianjin, China
in order to strengthen its position in the
expanding Chinese automobile market and improve
price competitiveness. This company, which
is called FUJITSU TEN TRADING (TIANJIN) LTD.,
will focus on sales of electronics products
such as car audio and car navigation systems.
Plans are also in place to found an additional
subsidiary in Tianjin this November. This
additional subsidiary, tentatively called
FUJITSU TEN RESEARCH & DEVELOPMENT (TIANJIN)
LTD., will be a wholly owned subsidiary of
FUJITSU TEN charged with designing electronics
products.
These new ventures represent the first time
that FUJITSU TEN has completely funded the
establishment of local design or sales subsidiaries
in China.
Plans call for FUJITSU TEN TRADING (TIANJIN)
LTD. to enter the domestic market in China
in January, 2004, pursuant to the objective
of commanding a 20% share of the domestic
car navigation market by 2007. The products
slated to go on sale in China are based on
the "AVN(Audio Visual Navigation)" models currently on
the market in Japan. Specific information
on these products, including their retail
prices and the areas where they will go on
sale, will be made public as soon as it is
determined.
Although FUJITSU TEN's current local representative,
TIANJIN FUJITSU TEN ELECTRONICS CO., LTD.
(began operations in 1997) sells products
to Chinese automobile manufacturers in addition
to producing car audio and deck components
including CD and DVD units for export to
Japan, the newly founded sales subsidiary
will further strengthen FUJITSU TEN's marketing,
sales, and services in China by consolidating
all customer service at a single location.
In addition to developing products with designs and features suited to the Chinese market, FUJITSU TEN RESEARCH & DEVELOPMENT (TIANJIN) LTD. will use locally procured parts in its designs, expanding local part procurement.
At FUJITSU TEN, our goals are to strengthen our business operations in China and capture a 10% AV device market share in the expanding Chinese automobile market by 2007 by adding design and sales subsidiaries to our production capabilities in Tianjin.
Our 5-year objective calls for FUJITSU TEN to increase the total amount of business done in the United States and other foreign countries to 50% from its current level of 37%. Increasing sales in China is an important step towards the realization of this goal.
Local Subsidiary Overview
ySales Subsidiaryz1.Purpose of Establishment: | To strengthen FUJITSU TEN's marketing, sales, and services in China by consolidating all customer service at a single location | |
2.Company Name: | FUJITSU TEN TRADING (TIANJIN) LTD. | |
3.Location: | Hexi District, TIANJIN | |
4.Business Operations: | To sell and import automotive electronics products/parts such as car audio and car navigation, as well as perform all related services | |
5.Capital: | $200,000 US (22 million yen) | |
*Calculated at an exchange rate of 110 yen to the dollar | ||
Completely funded by FUJITSU TEN LIMITED | ||
6.Representative: | President@ Kazuhide Kosaka | |
7.Date of Establishment: | September 12th, 2003 (Scheduled to begin operations in November) | |
8.Sales Plan: | 20 billion yen by 2007 | |
9.Personnel Plan: | 15 employees in 2003 | |
10.Additional Information: | Plans are in place to establish a subsidiary in Shanghai in November, 2003 |
1.Purpose of Establishment: | To establish design/evaluation functions for the purpose of designing products and features suited to the Chinese market; to expand local parts procurement | |
2.Company Name: | FUJITSU TEN RESEARCH & DEVELOPMENT (TIANJIN) LTD. (tentative name) | |
3.Location: | Tianjin Economic and Technological Development Zone | |
4.Business Operations: | To design, develop, and evaluate car audio and car navigation systems in addition to deck mechanisms | |
5.Capital: | $2,000,000 US (220 million yen) | |
*Calculated at an exchange rate of 110 yen to the dollar | ||
Completely funded by FUJITSU TEN LIMITED | ||
6. Representative: | President@Yoshihiko Yokoyama (tentative) | |
7.Date of Establishment: | November, 2003 (tentative) | |
8. Personnel Plan: | 30 employees in 2003 |
The contents of a press release are as of
the publication. Later, they are apt to be
changed without notice.
Thank you for
understanding in advance.