Luxshare Precision Industry, a leading Chinese electronics manufacturer, is accelerating its expansion in the global automotive components sector to capitalize on the rapid growth of intelligent connected vehicles.
“We are fully committed to seizing the high ground in new energy vehicle (NEV) intelligence and keeping pace with industry developments and emerging trends to maintain steady growth in the global automotive market,” said Wang Laichun, chairwoman and founder of Luxshare.
With a long-term goal of becoming a top-tier global automotive component supplier within the next five years, Luxshare has been making strategic advancements in the sector for over a decade. “Today, we have successfully built a diversified product portfolio covering cable harnesses, connectors, intelligent driving systems, and smart cockpits, with deep and solid partnerships with our clients,” Wang noted.
Luxshare’s vision aligns with China’s national strategy to integrate digital technologies with manufacturing, as emphasized in this year’s Government Work Report. The report underscored the significant development of intelligent connected NEVs and next-generation intelligent terminals.
According to Allied Market Research, the global connected car market, valued at $115.8 billion in 2023, is projected to reach $501.8 billion by 2033, growing at a compound annual growth rate of 16.5 percent from 2024 to 2033.
While consumer electronics continue to drive over 80% of Luxshare’s total revenue, the automotive segment has emerged as its fastest-growing business unit. Between 2019 and 2023, Luxshare’s automotive revenue surged from 2.36 billion yuan ($324.9 million) to 9.25 billion yuan, demonstrating robust momentum.
Recognizing the regional characteristics of automotive component production, Luxshare has adopted a globalized manufacturing strategy to enhance responsiveness to customer needs. In line with this strategy, the company launched an NEV electronic components manufacturing industrial park in Handan, Hebei province, at the end of last year, with a planned investment of 7.8 billion yuan. This facility will focus on the research, development, and production of NEV connection system components and serve as a key intelligent manufacturing base in North China.
Luxshare has also announced a new acoustics electronics and automotive components project in Suzhou, Jiangsu province, establishing its largest automotive parts manufacturing base in China.
On the global front, the company made a significant move in September by acquiring a 50.1% stake in German automotive cable harness manufacturer Leoni AG, along with full ownership of its subsidiary Leoni Kabel GmbH. “This acquisition marks another major step forward in our globalization efforts,” Wang said, highlighting plans to leverage Leoni’s technological expertise and localized operations to expand Luxshare’s customer base beyond top domestic automakers to major global brands.
As artificial intelligence (AI)-powered technologies continue to reshape the industry, Wang emphasized the opportunities they present for manufacturing, including smart production upgrades, improved supply chain resilience, and accelerated product innovation. “AI’s rapid evolution has created new business opportunities, particularly in enabling lean and intelligent manufacturing,” she said.
Wang added that the company will capitalize on its strengths in flexible automation, foundational technology innovation, process optimization, and vertical integration to meet AI-driven market demands. “We will fully utilize our diversified product portfolio, robust precision and intelligent manufacturing capabilities, and solid technological foundation to achieve business breakthroughs across multiple categories and clients,” she concluded.
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