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Ford has announced that Ford, the world's seventh-largest supplier of automotive technology, has cemented its partnership with BYD as they jointly build a new state-of-the-art seat assembly plant in Thailand's Rayong province.
The new plant, which operates under the name of Shenzhen Faurecia Auto Parts Co Ltd, a joint venture between BYD and FWD set up in 2017, will be engaged in the production of complete seats, with FWD holding a majority stake.
Fuwei Ya stated that this strategic leap has strengthened the global technology alliance between Fuwei Ya and China's leading electric vehicle manufacturer BYD, further consolidating their market positions in the Asia Pacific region.
It is worth noting that the cooperation between the two parties has established seven cutting-edge factories in China, of which four have been established within the past 18 months.
The entry of FORVIA's automotive seat business into the Thai market is of significant milestone significance, further strengthening the group's existing industrial layout in Thailand, which includes automotive interior, electronics, and green transportation industries.
Mr. Patrick Koller, CEO of FORVIA, emphasized the importance of developing new projects based on existing partnerships, believing that this is a key driving force for strengthening customer relationships. He said that the reason for the decision to establish a new factory in Thailand is because Thailand has strong logistics and export infrastructure, and FORVIA also has a long-term industrial presence in Thailand. This decision is in line with FORVIA's strategic policy of achieving a balanced combination of customer, technology and geographical expansion. In addition, the new factory will further drive its development in the Asia Pacific region, which is estimated to account for 57% of global automotive industry growth in the next 15 years.
The cooperation between FORVIA and BYD can be traced back to 2017. FORVIA added that the cooperation between the two sides is built on a solid foundation.