China is the world’s largest vehicle market, selling more than 28 million cars and trucks in 2016, compared with 18 million in the United States. Almost all the vehicles sold in China are made in China, supporting a diverse ecosystem of 76 component making conglomerates, and 184 vehicle assemblers, in addition to dozens of indigenous brands.
After a decade of double-digit growth, the market is now starting to mature. Most urban households have already purchased at
least one car, and, according to McKinsey & Company, half of those households are considering “trading up” to newer and better models. Meanwhile, the shape of China’s auto industry could change radically if Chinese authorities make good on their promise to eventually prohibit the sale of fossil-fuel-powered vehicles, in favor of those powered by batteries. Faced with the need to adapt, Chinese domestic auto makers are scouting the globe to buy premium brands, advanced technologies, and companies capable of conducting R&D into electric vehicles.
Aotecar specializes in the R&D and production of automotive air conditioner compressors. It produced 7.6 million compressor products in 2016 and is one of the largest global manufacturers in this market segment. The company’s clients include Valeo, Delphi, and PSA, among others. In 2016, about 42% of its revenue came from overseas markets.
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In September 2015, Aotecar New Energy Technology acquired Air International Thermal Systems, an Australia-based manufacturer of HVAC systems, for $135 million.