The automotive supplier ZF Friedrichshafen wants to expand its China business in the future despite geopolitical risks. “In 2022, we made around 18 percent of global sales in China. We have the ambition to strengthen this share and aim to make around 30 percent of our global sales in the Chinese market by 2030,” said ZF -Board member Stephan von Schuckmann Business Week in a report published on Sunday. The share of sales that ZF generates from deliveries to Chinese vehicle manufacturers who export their cars worldwide will also increase. “Our share of sales grows with their export volume,” said von Schuckmann, who is responsible for the Asia-Pacific region and electrified drive technologies on the ZF board.
In July, the federal government presented a strategy for dealing with China. It aims for so-called de-risking. The intention behind this is not to become too dependent on the People’s Republic in view of geopolitical risks in critical areas. German companies are being asked to reduce their risks in China business and to price in so-called cluster risks more internally when focusing on a large market.