Faurecia announces Joint Venture with BYD for Manufacture of Seating Solutions – Faurecia BYD Seating Solutions - Arhive
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Faurecia announces Joint Venture with BYD for Manufacture of Seating Solutions
Faurecia, which is one of the leading players when it comes to automotive seating solutions has announced that the company will be teaming up with BYD for manufacture of seating solutions in China. The new joint venture with BYD, which is engaged in the production of electric vehicles will result in the creation of a new company named Shenzhen Faurecia Automotive Parts Co in which Faurecia will have a 70 per cent stake and BYD will have a 30 per cent stake. The joint venture company will specialize in the development and manufacture of advanced seating solutions for BYD-affiliated OEM brands.
As an outcome of the partnership, BYD will focus on close coordination between the company’s units for the production of seating systems in Shenzhen, Xi’an and Changsha.
Commenting on the agreement with BYD, Patrick Koller, Chief Executive Officer of Faurecia said that this partnership is very important to Faurecia as BYD is a leader in the electric vehicle market in China. The joint venture will help Faurecia to enter the New Energy Vehicle market and strengthen its growth with regard to Chinese OEMs. In fact, such OEM partnerships are expected to account for 40 percent of the Group’s sales in China by 2020.
BYD is one of the leading manufacturers of electric vehicles in China, and specialized in advanced technologies related to batteries, electrical machinery, electronic controls and auto OEM. BYD’s NEV business has operations in 210 cities spread across 50 counties of 6 continents.