Faurecia signs alliance with Geely Holding

08:50, July 09, 2010      

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French car parts maker Faurecia has signed a partnership with the privately held parent of Chinesecarmaker Geely and its main supplier Limin as it ramps up exposure to the world's biggest car market.

The alliance will set up "several" joint ventures and aims to supply interior systems and exterior components to all Geely brands, Faurecia said in a statement Wednesday. No figure on expected upcoming investment was given.

Zhejiang Geely Holding Group, whose Hong Kong-listed arm is Geely Automobile Holdings, is China's biggest private carmaker and has already spread far beyond Asia with the purchase of Ford Motor's Sweden-based brand Volvo.

Faurecia, which sells parts to carmakers such as PSA Peugeot Citroen and Volkswagen, said the agreement marked a big step in its development in China, which overtook the US to become the world's biggest car market last year.

The French firm recently took a stake in Chinese car parts supplier Xuyang that it said would broaden its product range.

Faurecia is targeting annual sales in China of 1.7 billion euros ($2.14 billion) by 2014 compared with 670 million in 2009. It expects Asia to account for 15 percent of group sales in 2014 from 7 percent last year.

Source: Global Times


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