Auto-parts maker Wanxiang comfortable stateside
By HUA SHENGDUN in Washington (chinadaily.com.cn) Updated: 2016-06-21 14:49
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Pin Ni, president of Wanxiang America, addresses hundreds of prospective investors in the US at the SelectUSA summit in Washington on Monday. [Photo by ALLAN FONG/CHINA DAILY] |
"Often times, we debate about who we are. And today, instead of saying we are a Chinese company, which is where we are originally from, I would say we are indeed a USA company," said Ni Pin, president of Wanxiang America.
Ni spoke at the SelectUSA summit, where more than 150 Chinese delegates were looking to expand their businesses into the US. Ni took part in a panel discussion on risk-taking and resilience, hosted by the Washington Hilton Hotel on Monday.
Wanxiang Group has become a global company with $25 billion in revenue, owning more than 40 auto-manufacturing plants worldwide. One in every two vehicles made in the US is equipped with components made in Wanxiang's US plants. It has operations in 26 US states and employs more than 13,500 people.
Ni's company is well acquainted with taking risks in the US market, having first invested here in 1994. Since then, the company has played a positive role in the US economy, buying out failing companies and turning them into profitable businesses.
The most publicized and controversial example was when Wanxiang America bought the A123 battery company in 2013.
In 2012, the year before Wanxiang America bought A123, Ni recalled, "the company had lost about $200 million to $300 million. Less than 18 months later, we turned the company into positive cash flow."
Despite the success coming during his leadership at the helm, Ni refuses to take credit for the turnaround.
"The magic really came from the China market," he said.
