FAURECIA SIGNS A JOINT VENTURE WITH BYD FOR SEATING SOLUTIONS
Shanghai (China), October 31, 2017
FAURECIA SIGNS A JOINT VENTURE WITH BYD
for seating solutions
October 31, 2017, Shenzhen - Faurecia, one of the world's largest automotive suppliers, today announced its new joint venture with the pioneering Chinese electric vehicle OEM, BYD. The new company, called Shenzhen Faurecia Automotive Parts Co., Ltd. (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.
Patrick Koller, Chief Executive Officer of Faurecia declared, "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% 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.
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Founded in 1997, Faurecia has grown to become a major player in the global automotive industry. With 330 sites including 30 R&D centers, 100 000 employees in 34 countries, Faurecia is now a global leader in its three areas of business: automotive seating, interior systems and clean mobility. Faurecia has focused its technology strategy on providing solutions for smart life on board and sustainable mobility. In 2016, the Group posted total sales of €18.7 billion. Faurecia is listed on the NYSE Euronext Paris stock exchange and trades in the U.S. over-the-counter (OTC) market. For more information, visit www.faurecia.com