German auto parts company to expand presence with new plant

German auto parts company Continental AG launched a new plant on Thursday in Qingdao, Shandong province, a move aimed at providing higher-quality hose products for vehicles and upgrading system solutions in the Chinese market.

With an investment totaling nearly 240 million yuan ($34.6 million), the new plant, covering 84,000 square meters, is "committed to integrating global resources and capabilities to facilitate structural upgrade for China's local automotive industry and regional economic development based on the demands of the country's automotive market", according to Qi Song, head of Continental's division ContiTech AG in China.

"China is a huge automobile market for the company, and more and more Chinese consumers are upgrading, with a faster frequency, their conventional vehicles to new ones, which are characterized by new energy power, high safety and a comfortable internal environment," Qi said, adding the company is fully commitment to the China's auto market.