(Reuters) – Automotive supplier Forvia announced on Friday an agreement with Chinese carmaker Chery to create a joint venture in the field of intelligent cockpits, a project which aims to generate revenue of one billion euros by 2029.
This joint venture, which will be based in Hefei, eastern China, will aim to design, manufacture and supply all cabin-related systems and modules, including seats, interiors and electronics of the cockpit, using materials and processes with low CO2 emissions, the French group said in a press release.
“The automotive industry is currently experiencing a technological revolution and the demand for smart and sustainable cockpits is increasing. To stay ahead of this competitive market, we are pleased to deepen our collaboration with Chery, a key partner at the forefront of technology” , said Patrick Koller, general manager of Forvia.
The two groups signed a strategic cooperation framework agreement in September 2023 in order to deepen their collaboration in the field of intelligent and sustainable cockpits.
Forvia, supplier of parts for Stellantis, Volkswagen and Ford, and which also sells in China, is facing a drop in demand and Chinese competition.
Chery, for its part, is one of the Chinese automobile manufacturers which sell vehicles in Europe, mainly electric cars.
The Spanish government and the main negotiator, EV Motors, also declared earlier this week that the Chinese group was close to reaching an agreement to start manufacturing cars in Spain, which would make it its first production site in Europe.
(Written by Diana Mandiá, edited by Sophie Louet)
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