Chinese car maker BYD and Forvia will partner to operate in BYD’s new factory in Hungary, further building on to their existing partnership in Asia, Reuters reported.
Forvia’s CEO Patrick Koller said he was confident of this extension bolstering innovation and growth in the European market, the newswire reported.
Car firms such as Forvia, affected by falling global car sales, are looking to avail of opportunities as Chinese firms look to take on legacy competitors on their home turf, Reuters reported.
Forvia already supplies vehicle interiors, seating, electronics and software to BYD’s Asian automotive production, through seven joint plants across China. The venture also encompasses an R&D centre in Shenzhen and a new seat factory in Thailand, the newswire further reported.
A Forvia spokesperson refrained from offering comments on the magnitude of the partnership in Hungary and the products it would supply.
Earlier this year, Forvia said it was engaging with more Chinese firms looking towards Europe, and it was also assessing ways to wean off dependence on BYD, after the Chinese firm posted the weakest quarterly profit growth in two years, for the first three months of the year, the newswire reported.