Forvia shares rise as it inks new supply deals with Xiaomi, BYD: Report

Forvia is hoping its new contracts with Chinese manufacturers will help offset flailing auto demand from domestic manufacturers.

Autocar Professional BureauBy Autocar Professional Bureau calendar 21 Oct 2024 Views icon7503 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Forvia shares rise as it inks new supply deals with Xiaomi, BYD: Report

Forvia, the France-based car part supplier, has clinched new deals with BYD and Xiaomi, it stated on Monday, sending the shares up 10%, Reuters reported. 

Forvia is hoping its new contracts with Chinese manufacturers will help offset flailing auto demand from domestic manufacturers, the newsire noted. It has also bagged deals with Chinese auto makers Li Auto and Chery, the newswire noted. 

"Xiaomi is one of the key telecom companies entering now the EV and car market and it's very good that we are able to extend our reach with Chinese manufacturers also with the latest ones," Forvia's finance chief Olivier Durand said on an investor call.

The company noted it expected a return to outperformance compared to automotive production in China in 2025, after a third-quarter sales drop, the newswire said. Alphavalue analyst Adrien Brasey deems the target ambitious, noting that it will "strongly depend on Forvia's ability to increase its exposure to Chinese carmakers."

In late September, Forvia slashed its annual sales and profit forecasts for the second time in three months, reflecting weakness in the European and North American markets and delays in China, Reuters noted. 

Tags: Forvia,BYD,Xiaomi
RELATED ARTICLES
Isuzu unveils D-Max EV at 2025 Commercial Vehicle Show

auther Autocar Professional Bureau calendar29 Apr 2025

Revealed at the 2025 Commercial Vehicle Show in Birmingham, the Isuzu -Max EV is the first fully electric commercial pic...

Hyundai unveils next−gen highly efficient hybrid system

auther Autocar Professional Bureau calendar22 Apr 2025

The next-gen hybrid system is claimed to offer 45% better fuel efficiency and 19% more power compared with ICE powertrai...

Horse Powertrain reveals hybrid conversion for electric cars

auther Autocar Professional Bureau calendar19 Apr 2025

Engine-making joint venture of Geely and the Renault Group announces new hybrid powertrain that fits into the same space...