Strategy / 22/04/2013
Faurecia signs joint-venture agreement with Chang’an Automobile Group
Faurecia, the world’s sixth largest automotive equipment supplier, and Chinese automobile manufacturer Chang’an Automobile Group, one of China’s largest automobile groups, today signed an agreement for the establishment of a new 50/50 joint-venture, CSM Faurecia Automotive Systems Company Ltd (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 new joint-venture has a total planned investment in excess of € 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, center consoles and cockpit modules. With this agreement, the joint-venture will strengthen and broaden the technical cooperation between Faurecia and Chang’an.
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