China-based auto glass manufacturer Fuyao saw a near 6% decrease in sales in a pandemic-ridden 2020, though the company still remained profitable, according to a recently released annual report.
Fuyao recorded overall revenues of $3.07 billion*, down 5.7% from the $3.25 billion it had in 2019.
“In 2020, the COVID-19 pandemic had a severe impact on the global economy, with the global economy, trade and investment suffering a severe setback, the global economic growth plummeting, the global geopolitical situation becoming further tense, the quantitative easing monetary measures taken by various countries intensifying financial risks, and the global economy being beset with difficulties,” Fuyao chairman Cho Tak Wong said in a statement. “… With our collective efforts, we overcame the impact of the pandemic and achieved impressive results.”
Auto glass sales represents 90% of Fuyao’s revenue and were $2.77 billion in 2020. That was down 5.1% from $2.92 billion in 2019. Fuyao Glass America, the company’s U.S.-based subsidiary, represents roughly a half-billion in annual operating revenue. Fuyao supplies automotive glass for both OEM and replacement applications.
In the report, the company asserts to shareholders that it is embracing technology in its manufacturing processes, as well as in product development.
“The automobile industry has now entered a new stage of development characterized by diversified demands and an optimized structure. … more and more new technologies are also being integrated into automobile glass,” the report reads. “It puts forward new requirements for automobile glass and also provides new opportunities for the development of the automobile glass industry.
“With the application of new technology, automotive glass has developed towards ‘safety and comfort, energy conservation and environmental friendliness, beautiful appearance, and intelligence and integration’ with constantly increasing added value.”
*Figures were converted from RMB currency to USD on April 27, 2021.