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Changan Forms Parts Venture with Faurecia
French supplier Faurecia SA has agreed to establish a joint venture with Changan Automobile Group to produce automotive interior components in China.
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French supplier Faurecia SA has agreed to establish a joint venture with Changan Automobile Group to produce automotive interior components in China.
Faurecia says the companies will invest a total of 293 million yuan ($47 million) in the 50:50 venture, called CSM Faurecia Automotive Systems Co. The partners will erect factories in Hangzhou and Shenzhen. Faurecia will transfer an existing plant in Chongqing to the venture.
The venture plans to supply parts to Changan's joint ventures with Ford Motor Co. and PSA Peugeot Citroen.
Faurecia, which generated €1.5 billion yuan ($2 billion) in China last year, aims to boost its sales there to €3.3 billion ($4.3 billion) by 2016.
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