Fuyao Glass wants to build the world's largest automotive glass supplier

Chairman Cao Dewang of Fuyao Glass stated that the company's auto glass exports in the first quarter rose by 43%, and all financial indicators were operating well. The company will strive to become the world's largest automotive glass supplier within five years.

This is Cao Dewang expressed at the "China's outstanding entrepreneurs won the Ernst Global Entrepreneur awards conference." The Ernst & Young Global Entrepreneur Award is an "Oscar of International Business" reputation and is held annually to recognize entrepreneurs with outstanding performance and leadership, and successful creation and maintenance of sustained high growth. Cao Dewang stood out among the 43 winners of the Ernst & Young Entrepreneurial Award countries and regions, winning the award in one fell swoop and becoming the first Chinese entrepreneur ever to win this honor.

After winning the award, Cao Dewang said frankly that at the beginning of the financial crisis, the production of Fuyao Glass was affected. Since the beginning of this year, the company has actively adjusted its production layout, shut down two production lines of poor-quality float glass, and devoted itself to the automotive glass market. As a result of the financial crisis, global auto manufacturers have cut production, and small quantities and varieties have become a new trend in global auto production. Under this new background, Fuyao Glass's small-batch, multi-variety production methods “become blessed with disillusionment”. Both the production cost and technical characteristics have certain advantages over foreign competitors. Large automobile manufacturers such as General Motors will provide supporting automotive glass. The production business changed hands to Fuyao Glass.

In answer to this reporter’s question on why dividends are not paid in 2008, Cao Dewang said that the non-profit dividend is the greatest protection for Fuyao shareholders. If he takes a large dividend, as the controlling shareholder of the company, he will receive most of the cash dividends. In the current situation where the financial crisis is still continuing and the world economy is unspeakable, it is a wise and responsible measure to retain profits and reduce the company’s debt ratio. Cao Dewang said that at present, the company has no new investment plans. Regardless of the trend of the A-share market this year, the company will not increase its investment.

Currently, Fuyao Glass accounts for more than 50% of the domestic automotive glass market, and has a 71% market share in the mid-to-high-end passenger car segment. It also ranks fourth among global automotive glass suppliers.

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