SHENZHEN, July 5 (Xinhua) -- Chinese electric vehicle maker BYD on Thursday launched an automotive seat joint venture with Faurecia, one of the world's largest automotive parts suppliers.
The joint venture marks the spin-off of the seating business of BYD as it seeks to further open the supply chain.
"BYD will further focus on its core business of whole vehicle production to manage costs and improve the brand to consolidate its leading industry position," said BYD chairman Wang Chuanfu at the unveiling ceremony.
BYD holds a 30-percent stake in the Shenzhen Faurecia Automotive Parts Co., Ltd. while Faurecia holds the rest.
With a registered capital of 200 million yuan (30.2 million U.S. dollars), the joint venture brings together BYD's seating production activities in Shenzhen, Xi'an and Changsha and will continue to rent BYD's existing factory buildings.
Shenzhen Faurecia is expected to churn out more than 700,000 automotive seats in 2022, with a sales revenue of over 2 billion yuan.
Faurecia is a subsidiary of French carmaker PSA that mainly produces automotive seats, exhaust systems, and vehicle interiors and exteriors.
