To achieve this goal, the group plans to ramp up Mando’s R&D investment up to more than 5 percent of its sales, as well as pursue the acquisition of local companies.
Chung attended the completion ceremony for Mando’s R&D center in Beijing on June 26, where he emphasized that R&D is Mando’s future growth engine.
Mando invested 4 percent of its sales in R&D last year. Considering that its sales amounted to 5.63 trillion won last year, it spent 220 billion won for R&D.
Chung said, “We will increase the share of R&D investment in total sales up to 4.6 percent this year and to more than 5 percent in the future.”
At present, Mando runs a total of six production bases in China with its clients ranging from global carmakers such as Beijing Hyundai, DongfengYueda Kia, Shanghai GM, and FAW-Volkswagen to local carmakers such as Changan and Geely.
Source : The Korea Economic Daily
