The market of automotive components is not completely unrelated to the global trends of finished car manufacturers. Not only cost reduction due to global production shift and enhancement of production efficiency, but also quality assurance, development of systemization and modulization technologies, and environmental care are demanded.
Firstly, let me explain about the wiring harness operations of SEI Group. SEI is responsible for business planning, sales and long-term technical development, Sumitomo Wiring Systems, Ltd. takes charge of designing and production, and Auto Networks Technologies, Ltd. handles mid-term technical development. In 1992, we have set up a goal for "Global 15 (winning of 15% share in the world market)". Since then, we have adhered to the policy of increasing the global presence and developing the top technologies.
Our global networks of sales, development, production, physical distribution, and quality assurance, as well as our technical expertise in the fields ranging from materials to systems are being recognized highly by the finished car manufacturers. Coupled with the expansion of business of Japanese car manufacturers in overseas, we prospect that we can achieve the world market share of 15% in fiscal 2004. Moreover, we intend to achieve the goal of "Global 20" (winning of 20% world market share) in around 2010.
In order to expand our global market share, we need to improve our competitiveness in quality and price, enhance the local supply rate, and increase the level of customer service. In the aspect of globalization, we will establish (1) production facilities of automotive electric wires, (2) production facilities of connectors and other components, (3) mounting/assembly facilities, and (4) customer service technical centers for creation of the worldwide networks of physical distribution and information communication.
This agrees with the trends of Japanese finished car manufacturers, with whom we are closely connected.
For achieving "Global 20", increase in business with non-Japanese car manufacturers is inevitable. Therefore, not only the expansion of facilities are considered, but also the M&As and alliances with our competitors.
As for wiring harness that plays the roles of the blood vessels and nerves in human body, the trend toward "intelligent system" is expected to accelerate. We will concentrate our technologies in such fields as telecommunications, electronics, high voltage and new materials to develop new products that beat our competitors.
Other key operations of Automotive Business Unit are brake system and ABS. Since we must compete against the world's leading brake manufacturers, it had been necessary for us to expand in quantitative aspect. Since equipment investment has become a great burden to a single company in this trend toward modulization, Sumitomo Electric has teamed up with Aisin Seiki Co., Ltd., Denso Corporation, Toyota Motor Corporation to establish Advics Co., Ltd., which is aiming to become the world's No. 1 brake system manufacturer. In March 2003, our North American brake company was also integrated with Advics.
The trend of motorization is growing all over the world. Automotive Business Unit of SEI will strive toward establishing its presence in the world market, keeping pace with the market trends. We would like to take this opportunity to ask you for continuous supports.
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