Faurecia: creates new joint venture in China.
(CercleFinance.com) - On Tuesday night Faurecia announced the creation of a new joint venture with BYD, a manufacturer of pioneer electric vehicles in China.
Called Shenzhen Faurecia Automotive Parts Co. Ltd., this company is 70%-owned by Faurecia. It will develop and produce advanced seating solutions for BYD-affiliated brands.
This strategic partnership will bring together BYD's seat production activities in Shenzhen, Xi'an and Changsha. The new company's turnover is expected to reach around 2.4 billion yuan (c. 310 million euros) by 2020.
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