One of China’s biggest gainers on the new Global 2000 list is Fuyao Glass Industry, a supplier to the auto industry, rather than an EV brand. The company’s chairman, Cho Tak Wong, expressed optimism about the auto industry’s growth, even in the face of zero GDP growth. Fuyao Glass, with a third of the world auto glass market share, climbed 406 spots on the Global 2000 list, ranking at 1,532. The company’s customers include major brands like Honda, Bentley, and Mercedes-Benz.
Fuyao Glass’s rise on the Global 2000 list can be attributed to its increase in shares and improved financial performance. The company’s stock in Hong Kong rose by 46% in the past year, driving up Cho’s estimated fortune to $3.8 billion. Sales at Fuyao Glass increased both domestically and internationally, with net profit rising by 18% to $778 million. The company’s U.S. arrival in 2014 through the purchase of a shuttered Ohio GM plant was documented in the Oscar-winning documentary, “American Factory.”
Cho, also known as Cao Dewang, represents the success of China’s private sector that emerged from economic reforms in the 1980s. China’s auto production and sales volumes have reached record levels, with exports drawing criticism over industrial policies and allegations of dumping. Fuyao Glass, with manufacturing plants in 11 countries, has adapted to meet global demand and increased its market share in automotive glass.
Fuyao Glass has widened its manufacturing network in the U.S. with investments in Illinois, Michigan, and South Carolina. The company is also seeking a new U.S. site. Despite some controversy surrounding Chinese investment in the U.S., Fuyao Glass has been welcomed for creating jobs and contributing to the economy. Cho attributes the company’s success to its corporate culture, which integrates elements of Chinese philosophy to achieve harmony and cooperation.
The 78-year-old entrepreneur has no plans to retire soon, stating that he would likely fall ill if he had nothing to do after retiring. Cho has been recognized for his business leadership and philanthropy, both in China and in the U.S. Despite the challenges of U.S.-China relations, Fuyao Glass’s success in the U.S. market demonstrates the potential for cooperation and mutual benefit between the two countries. As China’s auto industry continues to grow, companies like Fuyao Glass are poised to play a significant role in the global market.
