The top executive of Spanish auto components manufacturer Gestamp said on Thursday that, thanks to the healthy state of the country's market, his company will continue to expand on development and layout in China.

Francisco J. Riberas, executive chairman of Gestamp, said that the Chinese market is of great significance to Gestamp, as it offers plentiful opportunities to not only deepen cooperation with local partners, but also to let it help local companies internationalize and participate in international competition through its global business network.

"In the past few years, Chinese automobiles have achieved breakthroughs in manufacturing technology and design aesthetics, which is fascinating," Riberas said.

"Thanks to our innovative technology, advanced production facilities and processes, active implementation of ESG concepts and excellent local team, I am confident that we can continue to deeply participate in the future innovation, sustainable and high-quality development of local markets." 

China has become one of the three core markets for Gestamp globally. As of the end of 2024 (the latest full fiscal year), Gestamp's sales in China had reached 1.62 billion euros ($1.89 billion), with an increase of up to 80 percent between 2021 and 2024.

Gestamp's involvement in China began in 2007, when it built its first factory in the country, covering an area of 30,000 square meters in Kunshan, Jiangsu province. Thanks to the booming nature of the Chinese market, Gestamp has steadily advanced its development strategy in China and continued to expand its presence. It currently operates 13 factories with a total production area of over 400,000 square meters in China, and has two research and development centers, located in Kunshan and Shanghai.

Riberas added: "In the process of globalization, Gestamp is not only committed to providing localized support for Chinese customers, but also actively sharing global supply chain management experience to help Chinese automotive companies establish efficient and compliant supply chain systems in overseas markets.

"We rely on our business network covering 24 countries around the world and are willing to provide solid support for our Chinese partners to help them achieve greater breakthroughs on the international stage.

"I believe that as Chinese companies accelerate their 'going global' strategy, Gestamp will work hand-in-hand with Chinese partners to contribute to global sustainable development."