Faurecia and Chang’an in jv

Faurecia, the world’s sixth largest automotive equipment supplier, and one of China’s largest automotive groups, Chang’an Automobile Group, are setting up a 50:50 joint-venture, CSM Faurecia Automotive Systems Company (CFAS) for automotive interiors. The signing of the agreement today in Shanghai establishes the partnership between both parties and is a further demonstration of Faurecia’s ongoing commitment to the Chinese automotive market. The joint-venture has a total planned investment in excess of EUR 35 million (CNY 293 million), which will be contributed equally by both shareholders and will cover the new industrial sites, equipment and process, design and development, as well as tooling costs. The CFAS joint venture will focus on the development, manufacturing and delivery of automotive interior equipment, including instrument panels, door panels, centre consoles and cockpit modules.

With this agreement, the joint venture will strengthen and broaden the technical cooperation between Faurecia and Chang’an. The customers to be served by CFAS are primarily Chang’an Ford (CAF) as well as Chang’an Peugeot and Citroen (CAPSA), with which the joint venture has already secured new business programs. Within the scope of the agreement, the partners will establish new manufacturing plants in Shenzhen and Hangzhou, while transferring the existing Faurecia plant in Chongqing to the new joint-venture. “China has already developed into the world’s largest auto market with solid growth perspectives. In 2012, Faurecia’s growth outpaced vehicle production growth and enjoyed a 25% sales increase in this dynamic market. We highly value such partnership opportunities in China to further expand our strong foothold in the Chinese automotive market,” said Yann Delabriere, chairman and CEO of Faurecia. Jean-Michel Vallin, president of Faurecia China, said, “This new joint-venture agreement with Chang’an further strengthens Faurecia’s tight links with its Chinese customers. We will support Chang’an and its automaker partners to develop recognized brands with our best-in-class vehicle interior technologies and expertise.”

(IMA)

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