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French automotive parts manufacturer Faurecia has signed a joint venture with pioneering Chinese electric vehicle OEM, BYD. The new company, called Shenzhen Faurecia Automotive Parts Co, aims to develop and manufacture advanced seating solutions for BYD-affiliated OEM brands.
Shenzhen Faurecia Automotive parts is controlled 70% by Faurecia and 30% by China’s BYD. The strategic partnership is to bring together BYD's seating production activities in Shenzhen, Xi'an and Changsha, and sales generated by this new company are expected to reach CNY2.4 billion (US$361.68 million) by 2020.
The joint venture is to support Faurecia's penetration into the New Energy Vehicle (NEV) market and “will accelerate Faurecia's growth with Chinese OEMs, which will reach 40% of the Group's sales in China by 2020”, according to Patrick Koller, CEO, Faurecia.
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 six continents.
Faurecia has 330 sites, including 30 R&D centres, and employs 100,000 people in 34 countries. It is one of the global leaders in the areas of automotive seating, interior systems and clean mobility.