Faurecia, one of the world’s largest automotive suppliers, has announced a new joint venture with Chinese electric vehicle OEM, BYD.
The new company, called Shenzhen Faurecia Automotive Parts Co (70% Faurecia – 30% BYD), aims to develop and manufacture advanced seating solutions for BYD-affiliated OEM brands.
The strategic partnership will bring together BYD’s seating production activities in Shenzhen, Xi’an and Changsha. Sales generated by this new company are expected to reach 2.4 billion RMB by 2020 (Rs 203,600 crore).
Patrick Koller, Chief Executive Officer of Faurecia said, “Faurecia greatly values this new strategic joint-venture with BYD, a leader in the electric vehicle market in China. It will support Faurecia’s penetration into the New Energy Vehicle market and will accelerate Faurecia’s growth with Chinese OEMs, which will reach 40 percent of the Group’s sales in China by 2020.”
BYD is a leading NEV automaker in China, with advanced technologies in battery, electrical machinery, electronic controls and auto OEM. Up to now, BYD NEV business has been operating in 210 cities across 50 counties of 6 continents.