On October 31, the world's leading auto parts supplier Faurecia announced that it will jointly set up a new joint venture with China's BYD, a leader in the electric vehicle manufacturing industry, and the joint venture will be called Faurecia Auto Parts Co., Ltd. of Shenzhen, Will focus on researching and developing advanced seating system solutions for BYD's vehicle brands, including 70% in Faurecia and 30% in BYD.
The strategic cooperation will integrate BYD's seat manufacturing projects in Shenzhen, Xi'an and Changsha, and it is estimated that the new company is expected to achieve sales of 2.4 billion RMB by 2020.
Mr. Patrick KOLLER, CEO of Faurecia Group, said: "Faurecia is highly valued for its cooperation with the leaders of China's electric car market such as BYD, which is of great significance. This cooperation will promote Faurecia's independent automobile in China With the rapid growth of the brand market, Faurecia plans to have 40% of the Group's total sales in China by 2020. The new joint venture will also help Faurecia explore new energy vehicles in China Parts market.
BYD is the leading manufacturer of new energy vehicles in China, with leading technology advantages in battery, motor, electronic control and automotive vehicles.As of now, BYD new energy vehicles have been in the world 6 continents, 50 countries and regions, more than 210 City to achieve operation.