image credit:Byd
The seventh-largest auto parts supplier in the world, announced on Tuesday that it will expand its relationship with BYD a Chinese battery expert and automaker, to Europe.
According to Forvia, the two businesses will continue their collaboration in Hungary at BYD’s new facility, building on their existing partnership in Asia.
Executive Patrick Koller of Forvia made the following statement: “We are confident that this expansion will drive further innovation and growth in the European market.” He went on to say that the company’s partnership has already produced substantial results in Asia.
After suffering from falling worldwide sales of automobiles, auto component manufacturers like Forvia are hoping to cash in on the growing dominance of Chinese automakers at home.
Through their seven joint operations in China, Forvia already supplies BYD’s Asian automotive production with car interiors, seating, electronics, and software. A new seat plant in Thailand and a specialized research and development center in Shenzhen are also part of the collaboration.
A representative from Forvia chose not to answer when questioned about the scope of the collaboration in Hungary or the products that will be supplied.
Aiming to lessen its reliance on BYD following the automaker’s worst quarterly profit growth since 2022 in the first quarter of this year, Forvia announced in April that it was in talks with several Chinese manufacturers seeking to establish operations in Europe.
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