Company to introduce new generation of gasoline turbo technology with expectations of industry turbo penetration doubling to 8 million sales within the next five years
TIANJIN, China - Sept. 2 , 2012 – Honeywell (NYSE: HON) Turbo Technologies, the leading global developer of automotive turbochargers, will this year unveil more than 100 new turbo engine applications globally for passenger and commercial vehicles this year with more than 20 percent of those applications destined for the Chinese market.
This rapid growth in the Chinese market is one of the trends that David Paja, Vice President and General Manager for China & India, Honeywell Transportation Systems, addressed today at the International Forum on Chinese Automotive Industry Development 2012 in Tianjin.
"China’s desire for more fuel-efficient vehicles is driving a lot of our global development,” said Paja. “China along with the rest of the world is challenged with reducing carbon emissions and improving fuel efficiency without compromising on performance. The beauty of turbocharger technology is that it ticks all of these boxes at the same time, and is ready for the market right away on all platforms. The turbo sales in China are expected to double from 4 million to 8 million during the next five years, while total turbo penetration in new vehicles will reach close to 30 percent."
During his keynote address, Paja said that turbocharging is one of the most affordable "green" technologies available today, enabling fuel efficiency improvements up to 20 percent in gasoline engines and 40 percent in diesel engines when compared to a conventional gasoline engine.
Honeywell has won a number of key domestic and multinational platforms in China during recent years, and will be introducing this year its latest gasoline turbocharger technology on the recently presented new FIAT Viaggio as well as its industry-leading diesel VNT technology on the new Great Wall Haval 5 and Haval 6 SUV.
Honeywell Turbo Technologies is the leading automotive turbocharger developer in the world, and is a business unit of Honeywell Transportation Systems. As a leading automotive supplier, Honeywell Transportation Systems enhances vehicle performance, efficiency and appearance through state-of-the-art technologies.
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Honeywell has a long history in China that goes back to 1935 when it established the first franchise in Shanghai. Today, all of Honeywell’s four Strategic Business Groups are represented in China, and all of them have relocated their Asia Pacific headquarters to China. Throughout the years, Honeywell has set up subsidiaries and joint ventures in more than 20 cities across the country. Honeywell employs approximately 12,000 people in China. For more news and information on Honeywell, please visit www.honeywell.com.cn.
This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.