Southfield -- Lear Corp. is embracing electric vehicles, and expects that making parts for this growing market will be lucrative -- quickly.
The Southfield-based supplier expects sales of components and systems for hybrids and electric vehicles to grow to approximately 7 percent of its electric systems business by 2012 -- from zero percent in 2009, said Raymond Scott, president of Lear's Global Electrical and Electronic Systems.
The sales target is $250 million in this new area. Lear's total global sales last year were about $2.3 billion.
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Lear anticipated the growth of electric vehicles, so it invested in a new power lab at its Global Center for Excellence in Southfield in September 2008. But Scott said Tuesday he's shocked by the speed at which the technology is being embraced.
"I've never seen anything like this," he said.
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